Forbes & Company Limited to sell 3.804 acres land at Chandivali for Rs. 200 crore

The Board of Directors of Forbes & Company Limited ("Board"), in its meeting held on December 22, 2020, has approved entering into Memorandum of Understanding (MOU) with GPX India Private Limited (GPX) and Equinix India Private Limited (Equinix) (upon Equinix exercising its right of substitution/step in) (together the 'Purchaser') for sale of approximately 3.804 acres of land at Chandivali for a consideration of Rs. 200 Crores (Rupees Two Hundred Crores) ("Proposed Transaction").

The MOU is terminable at the option of GPX. The Agreement for Sale is expected to be executed by January' 31 , 2021 and the completion of the Proposed Transaction subject to due diligence, execution of definitive documents, fulfillment of various condition precedents, is expected to be completed in March' 2021.

GPX and Equinix are not related parties to the Promoters / Promoter Group / Group Companies of the Company and the Proposed Transaction is not a related party transaction. There will be no change in shareholding of the Company as part of the Proposed Transaction.

Shares of FORBES & COMPANY LTD. was last trading in BSE at Rs.1547 as compared to the previous close of Rs. 1513.35. The total number of shares traded during the day was 1078 in over 109 trades.

The stock hit an intraday high of Rs. 1548.95 and intraday low of 1460. The net turnover during the day was Rs. 1618474.

Source : Equity Bulls

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