The Board of Directors of L.G.Balakrishnan & Bros Limited at its meeting held today, December 02, 2023 approved to enter into a Business Transfer Agreement (BTA) with LGB Forge Limited (LGBFL) to purchase its Pondicherry Plant, as a going concern, on slump sale basis, for a lump sum consideration of Rs. 15 Crores, without values being assigned to individual assets and liabilities, on the terms and conditions more specifically defined in the said agreement.
The aforesaid slump sale transaction is subject to necessary approvals and would be conditional upon satisfactory fulfilment of respective conditions precedent by LGB and LGBFL.
The Company's acquisition of LGBFL Pondicherry Plant business will enhance the machining activities and increase its product range.
Subject to satisfaction of conditions precedent identified under the business transfer agreement between the Company and LGBFL (BTA), the acquisition of Pondicherry Plant is expected to be completed on or before 01.02.2024.
Shares of LG Balakrishnan & Bros Limited was last trading in BSE at Rs. 1183.80 as compared to the previous close of Rs. 1177.05. The total number of shares traded during the day was 8022 in over 1014 trades.
The stock hit an intraday high of Rs. 1215.00 and intraday low of 1175.40. The net turnover during the day was Rs. 9575056.00.