The Board of Directors of the Company at its meeting held on 26st July, 2021, subject to the approval of the shareholders, Lenders and other statutory and contractual approvals, if any, approved the slump sale of the Engineered Stone Division of the Company to Marudhar Rocks International Private Limited (CIN: U51420KA2010PTC056347). The MoU in this regard was executed on 27nd July, 2021 between the two parties.
By selling Engineered Stone Division, the Company will be able to reduce its debts and finance cost, thus achieving better profitability ratio and return ratios.
Further, the transaction will strengthen the balance sheet by providing significant liquidity to the Company and deleveraging in the balance sheet.
The lump sum consideration to be received by the Company against slump sale of Engineered Stone Division as a going concern will be Rs. 8,450.00 Lakhs.
Shares of ASI Industries Ltd was last trading in BSE at Rs. 26.5 as compared to the previous close of Rs. 25.9. The total number of shares traded during the day was 40098 in over 75 trades.
The stock hit an intraday high of Rs. 26.7 and intraday low of 25.6. The net turnover during the day was Rs. 1062408.