Delta Manufacturing Limited board approves winding up of Magde, sale of its land

The Board of Directors of Delta Manufacturing Limited at its meeting held on Friday, 12th November, 2021 has approved the winding up of Magdev, the process for which is proposed to be initiated after completion of the above-mentioned sale of land held by Magdev, subject to requisite statutory/regulatory and other appropriate approvals, if any and approval of the members of the Company. For the financial year ending 3lst March, 2021: (i) total revenue of Magdev was INR 336,497.64 ('000); and (ii) net worth of Magdev was INR 113,180.03 ('000). This constitutes 32% of the total consolidated revenue and 31% of the total consolidated net wo1th of the Company for the financial year ending 31st March, 2021.

The board approved the proposed sale of freehold land situated at Unit 23 Ash Industrial Estate, Kembrey Park, Swindon SN2 8UN by Rhine Estates Limited, (formerly known as Magdev Limited) ("Magdev"), a wholly owned material subsidiary of the Company, incorporated in England to Servants Fellowship International for an amount of approx. GBP 1.1 million (approx. INR 10.92 Crore) subject to approval of members of the Company.

The Board of Directors of the Company have further approved the convening of an extra-ordinary general meeting of the members of the Company on Friday, 10th December, 2021 to approve the above mentioned sale of land by Magdev and winding up of Magdev.

Shares of Delta Manufacturing Limited was last trading in BSE at Rs. 69.50 as compared to the previous close of Rs. 72.10. The total number of shares traded during the day was 532 in over 18 trades.

The stock hit an intraday high of Rs. 71.00 and intraday low of 69.00. The net turnover during the day was Rs. 37234.00.

Source : Equity Bulls

Keywords

DeltaManufacturingLimited INE393A01011 DELTAMAGNT Magde WindingUp LandSale