Subject to receipt of requisite shareholder approvals, the Board of Directors of VRL Logistics Ltd at its meeting held on 15th September 2022 have, approved the sale/transfer of its Bus Operations undertaking by way of slump sale on a going concern basis to an entity which is owned and controlled by the promoters of the Company.
The Bus operations Division recorded revenue of Rs. 20,483.75 Lakhs which contributes 8.50% of the total revenue of the company. The Net Worth of the Bus Operations Division as of March 31, 2022 was ~Rs. 3,452.09 lakhs as against the overall net worth of Rs.65,163.07 lakhs being 5.30% of the Net Worth.
The approved sale consideration for the said transaction is Rs.23,000 lakhs (Rupees twenty three thousand lakhs) which would be subject to closing date adjustments as mutually agreed between the parties in the BTA.