The Board of Directors of Shilpa Medicare Ltd at its meeting held today, approved the sale of Biological Unit of Shilpa Medicare Limited by way of Slump Sale to Shilpa Biologicals Private Limited, a Wholly Owned Subsidiary of the Company subject to the approval of Shareholders.
The Biological Unit proposed to be sold is under construction/ installation stage and not yet commenced commercial operations. Net worth is being worked out based on Fair Market Value from an Independent Valuer. Further, Net worth of the proposed Unit is estimated to be around 22% to 24% (Rs.321.77 Crores approximately) on standalone financials basis.
The Value of Capital Assets of Biologicals Unit which are under construction / installation, will be arrived based on the Fair Market Value from an Independent Valuer and other assets and liabilities will be taken at Book Value. Hence, the valuation will be Aggregate of Capital assets at Market value and net of other assets and liabilities at Book Value. The Consideration for the proposed Sale will be paid in Cash.
The Board also authorised the Managing Director and other officials of the Company to finalize and issue a notice to the members seeking their approval for the above said proposal and also to do all the needful thereto.
Shares of SHILPA MEDICARE LTD. was last trading in BSE at Rs.490.7 as compared to the previous close of Rs. 467.35. The total number of shares traded during the day was 15687 in over 453 trades.
The stock hit an intraday high of Rs. 490.7 and intraday low of 474. The net turnover during the day was Rs. 7680409.