Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Amazon Great Indian Festival Celebration Sale - 2019
Google
Web www.equitybulls.com
Stock Report

| More

Arshiya Ltd inks MoU with Ascendas to monetize assets

Posted On: 2019-07-11 09:26:48

Arshiya Ltd had earlier announced about the completion of the transaction for the monetisation of 6 warehouses located at the Free Trade and Warehousing Zone. Panvel, near New Mumbai ("Arshiya FTWZ") with Ascendas Property Fund (India) Pte. Ltd. ("APFl"). APFI is a subsidiary of Ascendas lndia Trust ("AiT") which is managed by Ascendas Property Fund Trustee Pte Ltd ("APFI'"). APFT was previously part of the Ascendas-Singbridge Group and since 28 June 2019, when CapitaLand Limited completed its acquisition of all the issued shares of Ascendas Pte Ltd, has become part of the CapitaLand Group.

The said transaction also covered the terms for construction funding and forward sale of future development of approximately 2.8 million square feet within the Arshiya FTWZ.

Anomalous Infra Private Limited ("AlPL"), a wholly owned subsidiary of the Company, has entered into a Debenture Subscription Agreement with Ascendas IT Park (Chennai) Limited ("ITPC"), which is also a subsidiary of AiT, for the purpose of obtaining construction funding for an aggregate amount of up to INR 70.0 crores (the "Construction Funding") for the development of a double storied warehouse of 325,503 square feet leasable area ("Warehouse Building") on approximately 22,292 square meters (i.e. 5.5 acres) of land located at the Arshiya FTWZ ("Warehouse Land"). Under a lease agreement to be executed with the Company, AIPL would have long term leasehold rights1 on the Warehouse Land.

Simultaneously, the Company has also entered into a conditional Share Purchase Agreement with APFI for selling 100% shareholding interest in AIPL to APFI, upon fulfilment of certain conditions precedent including, but not limited to the completion of the Warehouse Building2 (the "Forward Sale")

The estimated sale consideration for the Warehouse Building is INR 214.9 crores. This includes deferred consideration of up to INR 212 crores to be received over four years from completion of the Forward Sale, subject to fulfilment of certain performance milestones by the Company and/or its affiliates.

Upon completion of the Forward Sale to APFI, the Warehouse Building will be leased back under an operating lease arrangement (six years term) to a step down subsidiary of the Company ("AL Sub"), in consideration for payment of pre-agreed rentals by the AL Sub. The AL Sub would operate and manage the Warehouse Building and retain any surplus income (post payment of the pre-agreed rentals) from the Warehouse Burlding (which Includes income from value-added services)

Shares of Arshiya Limited was last trading in BSE at Rs.16.2 as compared to the previous close of Rs. 15.3. The total number of shares traded during the day was 14224 in over 81 trades.

The stock hit an intraday high of Rs. 16.5 and intraday low of 14.65. The net turnover during the day was Rs. 214769.

1 Initial lease term of 30 years, renewable perpetually at AIPL's option for further periods or 30 years on each expiry.

2 Estimated construction period of 12 months


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Total announces open offer for shares of Adani Gas Ltd at Rs. 149.63

Rajesh Exports Ltd expands its retail arm by opening one more Retail showroom at Chandapura, Bengaluru

Stellar listing by IRCTC

Sun Pharma Launches CEQUA for the Treatment of Dry Eye Disease in the U.S.

Birlasoft to accelerate Invacare's Business Transformation Journey

Morepen Labs adds three new drugs - Rivaroxaban, Vildagliptin and UDCA to its API portfolio

TOTAL joins Adani to create India's premier integrated gas utility

HFCL launches new line of products under brand name 'IO'

IndiGo connects the political capitals of India and Kingdom of Saudi Arabia

Shalby Ltd conferred with 'DARE to DREAM - ZEE BUSINESS AWARD - COMPANY OF THE YEAR'

Avenue Supermarts Ltd consolidated Q2 net profit at Rs. 322.66 crores

Hero MotoCorp to skip upcoming Auto Expo

Chartered Logistics Limited bags award from ZEE Business

Lawreshwar Polymers Ltd is now Lehar Footwears Ltd

CRISIL updates on credit rating of Avenue Supermarts Ltd

Wendt India Ltd board to announce Q2, H1 results on Oct 22, 2019

CARE reaffirms rating of IDFC First Bank Ltd

Reliance Capital Ltd has sold Reliance Financial Limited for Rs. 102 crore

CARE reaffirms CARE A1+ rating for Future Retail's Commercial Paper

CARE reviews ratings of Lakshmi Vilas Bank Ltd

CARE A1+ rating reaffirmed to Future Enterprises Ltd's Commercial Paper

Reliance Capital Ltd has sold Reliance Securities Limited for Rs. 62 crore

Cadila Healthcare's API manufacturing facility at Dabhasa successfully completes USFDA inspection

MD of Jiya Eco-Products Ltd felicitated with award

RCAP approves Management Buyout of 100% Stake in Reliance Securities

GOCL Corporation Ltd receives order from Coal India Limited

Den Networks Ltd consolidated PAT at Rs. 14.71 crores in Q2

Bajaj Consumer Care Ltd Q2 consolidated net profit at Rs. 56.02 crore

ITI Ltd consolidated Q2 PAT of Rs. 7.19 crore

BOB executes binding transaction documents with BNP Paribas Asset Management Asia Limited

Goa Carbon Ltd to shut down Goa Plant for maintenance work from Oct 12, 2019

Infosys Ltd declares interim dividend of Rs. 8

Aurobindo Pharma Ltd clarifies on Unit-7 inspection outcome

Infosys Ltd reports consolidated PAT of Rs. 4019 crores in Q2

CARE reaffirms ratings of Yuken India Limited

BASF India Ltd receives notices from Commercial Tax Department, Karnataka

Indiabulls Real Estate Ltd board approves buyback at Rs. 100

Gagan - Sustainability Initiative in Cotton Farming by Indo Count Industries Ltd

SCI observed 02nd October as its 59th Foundation Day

RED FM's Swag Fest 3.0 says 'Go Mental'

Sterlite Power Grid Ventures Limited pledges units of India Grid Trust

Atishay Limited has received work order from the office of the Chief Electoral Officer of Maharashtra State

Thomas Cook India Ltd receives NCLT nod for scheme of arrangement

Indiabulls Ventures Limited Board approves Buyback of equity shares at Rs. 150

Blue Star declared winner of the prestigious 'Golden Peacock Award for Excellence in Corporate Governance' for 2019

Cognizant Named a Digital Workplace Services Leader in New Industry Report

CDB Aviation Delivers First of Nine A321neos to IndiGo

SMS Lifesciences India Ltd sees temporary slow-down in sales of Ranitidine

ICRA assigns Credit Rating for the Rs. 60 crore Lines of Credit of Indian Terrain Fashions Ltd

Ind-Ra downgrades rating of Sterling and Wilson Solar Ltd







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019