Pursuant to approval of Board of Directors of Kirloskar Electric Company Limited, the Company has entered into an Agreement to Sell today i.e., on October 03, 2022, for the proposed sale of Company's immovable property admeasuring 31 Acres 24 Guntas equivalent to 1,27,880.65 Sq. Mtrs, portion of the converted land in Sy. no. 88/B (old Sy. no. 88), Sy. no. 88/P/1 (old Sy. no. 88) and Sy. no. 89, new property no. 88 /89 and PID no. 36/581 situated formerly at Rayanal Village, Hubli Taluk, now at Gokul Road, Hubli, Hubli Dharwad Municipal Corporation Ward No. 36, Hubli, Karnataka, on such terms and conditions as set out in the Agreement to sell.
The total Consideration for the proposed sale would be Rs. 95.116 Crore.