Ambalal Sarabhai Enterprises Limited extends SPA for sale of shares in Synbiotics Ltd

The Board of Directors of Ambalal Sarabhai Enterprises Limited had in its meeting held on 2nd January, 2021, has approved the extension up to 28.02.2021 for completion of sale / disposal in pursuant to Share Purchase Agreement (SPA) executed with Asence Pharma Private Limited for sale of equity shares of Synbiotics Limited, a wholly owned subsidiary to Asence Pharma Private Limited, another subsidiary of the Company on consideration of Rs. 11,91,87,640/- (Rupees Eleven Crores Ninety One Lakh Eighty Seven Thousand Six Hundred Forty only).

The consideration to be received through issuance of 90,00,000 Preference Shares (2% Redeemable Non-convertible Non-cumulative Participating Preference Shares) redeemable for a term of 20 years having face value of Rs. 10/- (Rupees Ten only) each amounting to Rs. 9,00,00,000/- (Rupees Nine Crores Only) in favour of the Ambalal Sarabhai Enterprises Limited.

The balance amount for Rs. 2,91,87,640/- (Rupees Two Crore Ninety One Lakh Eighty Seven Thousand Six Hundred Forty Only) shall be remained as Unpaid Purchase Price (Outstanding) interest per annum bearing at mutually decided by both the parties, which shall be paid within 20 years.

Shares of AMBALAL SARABHAI ENTERPRISES LTD. was last trading in BSE at Rs.22.25 as compared to the previous close of Rs. 20.25. The total number of shares traded during the day was 259068 in over 558 trades.

The stock hit an intraday high of Rs. 22.25 and intraday low of 20.05. The net turnover during the day was Rs. 5629234.

Source : Equity Bulls

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