Standard Industries Ltd updates on property sale

The Board of Directors of Standard Industries Ltd had earlier accorded their approval to enter into MOU with Support Properties Private Limited, Carin Properties Private Limited and Feat Properties Private Limited (collectively called as "Assignees") to transfer and assign all its leasehold rights in 62.25 acres of the Company's leasehold property situated at Plot No.4, Trans Thane Creek Industrial Area in the villages of Ghansoli & Savali, Taluka Thane ("Property'), for an overall consideration of Rs. 427.33 crores.

Due to certain impediments beyond the control of the parties to transfer and assign to all the intending assignees mentioned above, two of the parties, viz., Carin Properties Private Limited and Feat Properties Private Limited have decided to withdraw from the transaction under MOU and consequently only Support Properties Private Limited shall fulfill all the obligations & complete the transaction for the said property as per the MOU read with Supplemental Memorandum of Understanding.

The Board of Directors vide Circular Resolution passed today have superseded the earlier Board Resolution dated 22nd March, 2021 and have given their consent for entering into Supplemental MOU, Agreements, Deed of Assignment and other connected documents with Support Properties Private Limited, to transfer and assign unto them leasehold rights, admeasuring approx. 251,934.308 Sq. Mtrs. equivalent to approx. 62.25 acres as mentioned above, on the same terms and conditions for the same consideration viz., of Rs. 427.33 crores (Rupees Four Hundred and Twenty Seven crores and thirty three lakhs only).

This transfer, assignment and consideration is subject to various conditions precedent getting satisfied (including approval of MIDC) and other terms and conditions specified in the MOU read with Supplemental MOU.

Shares of STANDARD INDUSTRIES LTD. was last trading in BSE at Rs.16.65 as compared to the previous close of Rs. 16. The total number of shares traded during the day was 4848 in over 15 trades.

The stock hit an intraday high of Rs. 16.65 and intraday low of 16.2. The net turnover during the day was Rs. 79275.

Source : Equity Bulls

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