Starport Logistics Ltd to sell its stake in India Ports & Logistics Pvt Ltd

Starport Logistics Limited, a wholly owned subsidiary of Starlog Enterprises Limited, has in its Board Meeting and Extra-ordinary General Meeting held on December 14, 2022, approved to sell its entire stake being 75,00,060 Equity Shares aggregating to 29.60% of the paid-up Equity Share Capital in its Associate Company, India Ports & Logistics Private Limited for an aggregate consideration of Rs. 16,50,01,320/- (Rupees Sixteen Crores Fifty Lakhs One Thousand Three Hundred and Twenty only) to Bollore Logistics India Private Limited ("Buyer").

In connection of the same we hereby inform you that SLL has entered in a Share Purchase Agreement ('SPA') dated December 14, 2022 for disposal of its entire stake of 29.60% Equity holding held in IPLPL. Pursuant to execution of the SPA and transfer of shares, SLL's shareholding in IPLPL would become nil, and as a result, IPLPL would cease to be an Associate company of SLL.

Shares of Starlog Enterprises Ltd was last trading in BSE at Rs. 14.35 as compared to the previous close of Rs. 13.67. The total number of shares traded during the day was 13706 in over 40 trades.

The stock hit an intraday high of Rs. 14.35 and intraday low of 13.07. The net turnover during the day was Rs. 194359.00.

Source : Equity Bulls

Keywords

StarlogEnterprises INE580C01019 StarportLogistics StakeSale IndiaPortsandLogistics