With the execution of Share Purchase Agreement for sale of India Glycols Limited’s entire investment in equity shares of joint venture namely Kashipur Infrastructure and Freight Terminal Private Limited to Gateway Distriparks Limited.
Upon fulfillment of conditions precedent under the SPA, on 23rd December, 2022, the Company has transferred 42.31% shareholding (i.e. 26,74,418 shares) of JV Co to the Buyer (in accordance with the term of the SPA), and has received Rs 61,17,76,649 after adjustment in terms of SPA.
Further, Company’s affiliate has also transferred 6.61% shareholding (i.e. 4,17,725 shares) of JV Co to the Buyer (in accordance with the term of the SPA).
Subsequent to the said transfers, KIFTPL ceased to be a Joint Venture of the Company. Additionally, the Company has signed an Agreement to Sell with the Buyer to sell / transfer land admeasuring approx. 7.544 acres which forms part of the private freight terminal owned and operated by JV Co, at a consideration of Rs 89.7 million.
The Company will close all actions and formalities related to sale of this land in due course.