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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

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