Flexituff Ventures International Ltd to sell FIBC business at Pithampur to subsidiary

The Board of Directors of Flexituff Ventures International Limited at their meeting held on Thursday, 24th August, 2023, have considered and approved the sale of Flexible Intermediate Bulk Container (FIBC) Business of Pithampur unit of the Company to Flexituff Technology International Limited, subsidiary of the Company.

The consideration to be received is Rs. 290.00 Crores (Rupees Two Hundred Ninety Crores only) and plus minus 10% as per pertaining terms and conditions.

The Revenue of FIBC business of Pithampur unit is INR 6745.13 million representing around 76% of total revenue of the Company for the FY 2022-23 compared to standalone revenue of INR 9,294.74 million and Net Worth of INR (687.96) million.

Shares of Flexituff Ventures International Limited was last trading in BSE at Rs. 37.98 as compared to the previous close of Rs. 39.97. The total number of shares traded during the day was 1301 in over 18 trades.

The stock hit an intraday high of Rs. 38.01 and intraday low of 37.98. The net turnover during the day was Rs. 49414.00.

Source : Equity Bulls

Keywords

FlexituffVenturesInternational INE060J01017 FIBCBusiness Sale