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Finolex Industries Ltd approves proposal for transfer of leasehold rights of MIDC land

Posted On: 2021-09-15 16:10:33 (Time Zone: UTC)

The Board of Directors of Finolex Industries Ltd at its meeting held on 15th September, 2021 which concluded at 8.20 P.M. (IST) has approved the proposal for transfer of Company's leasehold rights in the MIDC land admeasuring approximately 70 acres along with the structures standing thereon located at D-1 / 10, M.I.D.C, Chinchwad, Pune - 411 01 9 subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC to one or more parties in part, piecemea l or in full for a total consideration not less than Rs. 725 Crore (Rupees Seven Hundred Twenty Five Crore only) (net of transaction expenses and charges) to be received in one or more tranches.

The board also authorised the Company officials to represent the Company to deal and execute, sign memorandum of u nderstanding, definitive agreements, documents, deeds with the proposed buyer (s) and to do all such acts, deeds, things etc. in order to give effect to the aforesaid subject matter.

Accordingly, the Company in tends to complete the aforesaid transaction(s) which shall be subject to signing of definitive agreements between the parties and necessary regulatory and statutory approvals, if any. The Company shall make the necessary intimation as and when all transaction(s) for entire 70 acres are fully completed. The proposed buyers will be third-party buyer(s) and not belong to the Promoter / Promoter Group / Group companies and the proposed transaction(s) will not fall under the ambit of Related Party Transactions.

Shares of Finolex Industries Ltd. was last trading in BSE at Rs. 192.75 as compared to the previous close of Rs. 184.85. The total number of shares traded during the day was 221702 in over 5290 trades.

The stock hit an intraday high of Rs. 194.2 and intraday low of 185.45. The net turnover during the day was Rs. 42456763.

Source: Equity Bulls

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