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Pricol Ltd to hive off overseas subsidiaries

Posted On: 2019-06-20 09:22:02

The Board of directors of Pricol Ltd at its meeting held on June 15, 2019 has, subject to shareholders and regulatory approvals, taken a considered decision to hive off its investment in its wholly owned subsidiary, Pricol Espana S.L., Spain, primarily to hive off the step down subsidiary unit at Brazil which requires continuous investments for its day to day operations. The Board is necessitated to hive off its other step down subsidiaries, Pricol Wiping Systems Czech s.r.o and Pricol Wiping Systems Mexico S.A. de C.V. along with the Investment in Pricol Wiping Systems India Limited as a strategic / bundled offer, reckoning commonality of customer base and in order to minimise the financial impact of the disposal.

The decision was taken to arrest further flow of funds into markets which are not conducive for sustaining the business at the current levels and also which does not seem to revive in the near future. Consequently, these investments have been classified as Non-Current Investments held for sale in accordance with Ind AS 105 - "Non-Current Assets held for sale and Discontinued Operations".

A provision of INR 23197.75 Lakhs, including an estimated devolvement on account of guarantee, has been made in Standalone Financial Statements based on a preliminary assessment of estimated realisable value of the Investments less cost to sell and an Impairment of Goodwill on Consolidation of INR 5170.67 Lakhs has been provided in the Consolidated Financial Statements. Any additional provision to be made or excess provision to be reversed will be appropriately dealt with in the year in which the transaction reaches finality.

Shares of Pricol Ltd was last trading in BSE at Rs.29.6 as compared to the previous close of Rs. 32.2. The total number of shares traded during the day was 38403 in over 277 trades.

The stock hit an intraday high of Rs. 33 and intraday low of 29.35. The net turnover during the day was Rs. 1196834.

Source: Equity Bulls

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