The Board of Directors at their meeting held on 21st March, 2023, have approved the proposed sale of 31,812 equity shares of M/s. Transenergy Private Limited for a total consideration of Rs.2,71,80,172.80 (Rupees Two Crores Seventy-One Lakhs Eighty Thousand One Hundred Seventy Two and Paise Eighty Only) excluding stamp duty and other charges, if any to M/s. Sundaram Finance Holdings Limited.
Since, Sundaram Finance Holdings Limited is a related party of India Motor Parts & Accessories Limited (IMPAL) under Section 2(76)(v) of the Companies Act, 2013, the said sale will be deemed to be a related party transaction. The said transaction is at arm's length and the Audit Committee has granted its prior approval for the said transaction at its meeting held on 21st March, 2023 (i.e., today). This transaction is like to be completed before 31st March, 2023.
Sundaram Finance Holdings Limited (SFHL), an exempted core investment company incorporated under Companies Act, 1956, does not belong to a Promoter or Promoter Group of IMPAL. IMPAL is an Associate Company of SFHL.
Consequent to selling the aforesaid equity shares, our stake in Transenergy Private Limited will reduce from 22.00% to 15.00% and Transenergy Private Limited will no longer be our "Associate" from the date of such transfer.
Shares of India Motor Parts and Accessories Limited was last trading in BSE at Rs. 709.30 as compared to the previous close of Rs. 708.60. The total number of shares traded during the day was 4 in over 4 trades.
The stock hit an intraday high of Rs. 712.45 and intraday low of 706.80. The net turnover during the day was Rs. 2839.00.