TRF Ltd had earlier announced the sale/ divestment of the entire shareholding in step down subsidiary Dutch Lanka Trailer Manufacturers Limited (hereinafter referred to as DLT), including its subsidiary Dutch Lanka Engineering Private Limited and 50% stake in Tata International DLT Private Limited (hereinafter referred to as TIDLT), a Joint Venture Company between DLT and Tata International Limited to Canyon Point Investment Holdings Pte. Ltd.(hereinafter referred to as CANYON) vide Share Purchase Agreement (hereinafter referred to as SPA) dated May 17, 2019.
CANYON has vide its letter dated September 16, 2019, expressed its inability to complete the transactions as per SPA dated May 17, 2019 citing occurrence of Material Adverse Changes and has terminated the said SPA with immediate effect.
The Company has noted and is evaluating CANYON's letter dated September 16, 2019.The Company reserves all its rights and remedies under the SPA/contract, law and equity against CANYON, including its right to respond and deal with CANYON's letter dated September 16, 2019.
Shares of TRF LTD. was last trading in BSE at Rs.109.65 as compared to the previous close of Rs. 115. The total number of shares traded during the day was 17525 in over 887 trades.
The stock hit an intraday high of Rs. 111.95 and intraday low of 108. The net turnover during the day was Rs. 1927159.