Simmonds Marshall Ltd approves stake sale in Formex Pvt Ltd

SIMMONDS MARSHALL LIMITED has approved the proposal for sale of 49% equity stake held by the Company in Formex Private Limited ("FPL"), an associate Company. In this connection, the Company has today entered into a definitive agreement for sale of the aforesaid stake. The completion of the transaction is subject to certain consents and other formalities.

Hence, on completion of the transaction, Formex Private Limited shall cease to be an associate of the Company. However, it continues to be Enterprise in which KMP's can exercise significant influence.

Rs 198,806,989 (One Crore Ninety Eight Lakhs Eighty Six Thousand Nine Hundred and Eighty Nine) to be received from such sale of shares after completion of transfer.

Source : Equity Bulls

Keywords

SimmondsMarshall StakeSale AssociateCompany Formex