Indag Rubber Disinvests Solar Business

Indag Rubber Limited has decided to disinvest/sale 100% shareholding in Samyama Jyothi Solar Energy Private Limited (step-down subsidiary) by SUN-AMP Solar India Private Limited (subsidiary).

SUN-AMP Solar India Private Limited (SUN-AMP) is a non material subsidiary of Indag Rubber Limited (INDAG), in which INDAG holds 51% shareholding. SUN-AMP is selling 100% shareholding (55,61,113 equity shares of Rs.10/- each fully paid amounting to paid-up capital of Rs. 5,56,11,130) in Samyama Jyothi Solar Energy Private Limited (step down subsidiary of INDAG).

The proposed buyer is NextPower III Singapore Holdco. Pte. Ltd., a company incorporated under laws of Singapore (NEXTPOWER). The sale consideration is USD 1,012,000 (United States Dollars One Million Twelve Thousand only).

INDAG would receive ~Rs. 4.49 crore (amount invested Rs. 2.95 crore) at the time of distribution of funds to shareholders by SUN-AMP Solar India Private Limited, irrespective of its 51% stake in the subsidiary company.

Consequent to the above transaction, SAMYAMA shall cease to be a subsidiary of SUN-AMP and step-down subsidiary of INDAG. SUN-AMP shall continue to remain a non material subsidiary of INDAG. Indag will continue to focus on its core business of manufacturing of Precured Tread Rubber.

Shares of INDAG RUBBER LTD. was last trading in BSE at Rs.72 as compared to the previous close of Rs. 71.05. The total number of shares traded during the day was 24348 in over 160 trades.

The stock hit an intraday high of Rs. 73.5 and intraday low of 68. The net turnover during the day was Rs. 1732346.

Source : Equity Bulls

Keywords