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Stock Report
Puravankara Ltd to sell shares in subsidiary Vagishwari Land Developers Pvt. Ltd.
Posted On : 2021-06-01 14:34:58( TIMEZONE : IST )
The Board of Directors of Puravankara Ltd have passed an enabling resolution to approve a proposed transaction for the sale of all the shares of its wholly owned subsidiary, i.e., Vagishwari Land Developers Private Limited ("WOS") for an amount of approx. Rs.150 Crore ("Proposed Transaction").
The WOS has the right to purchase the land parcel situated at OMR, Bangalore from the Company and the Board has approved to sell the said land prior to completion of the Proposed Transaction.
As part of the Proposed Transaction, the then outstanding liabilities of approx. Rs.350 Crore of the WOS towards the Company will also be paid.
Further details are as under:
1. During the last financial year, the WOS did not have any turnover and the networth contributed by the WOS to the Company is Rs. -37,301.
2. The agreement for sale of shares of WOS has been entered into on 31.5.2021.
3. Indicative time period of closing the Proposed Transaction - within 30 days from the date of resolution.
4. The sale of shares of WOS is proposed to be to a third party subject to completion of certain conditions precedent by the Company. Hence, the Proposed Transaction is not a related party transaction and none of the proposed buyers belong to the promoter / promoter group / group companies.
5. As on date, no consideration has been received towards the Proposed Transaction. The transaction is subject to certain conditions precedent to be fulfilled by the Company. If the closing for the Proposed Transaction occurs, the consideration would be received by the Company in cash.
6. Proposed Transaction will not be a slump sale.
7. Further detail of the transaction will be informed upon closing of the transaction.
Shares of Puravankara Ltd was last trading in BSE at Rs.81.6 as compared to the previous close of Rs. 80.8. The total number of shares traded during the day was 19715 in over 511 trades.
The stock hit an intraday high of Rs. 83.85 and intraday low of 80.4. The net turnover during the day was Rs. 1623842.
