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| Exchange Disseminated Time 01/10/2016 20:50:21 | Time Technoplast Ltd has informed BSE that the Company have been advised by the Promoter Group of the Company (Vishwalaxmi Trading & Finance Pvt. Ltd.) that they have sold 9,00,000 Equity Shares of the Company for a consideration of approx.. Rs. 90 million (Rupees ninety million) in the week commencing September 26, 2016. They have further provided the explanation for sale of such shares as under:
1. The Promoter Group are the co-owners of the plot lying at 102 Todi Complex, located at Survey No. 35, CTS 686 at Saki Vihar Road, Andheri (East), Mumbai 400072. The Promoter Group had availed loan for purchase of the plot for which some shares were pledged as additional security. The development of the said plot was held back in anticipation of the new building regulations which allow higher FSI.
2. The Promoter Companies have decided to develop the said plot for commercial use. The plan for building construction has since been cleared.
3. It has been decided that the commercial building on the said plot shall be sold in parts and the proceeds thereof shall be used for retirement of loans taken by Promoter Companies whereby pledged shares shall be released.
4. The cost of the development is estimated at Rs. 50 crores which will be financed by internal accruals, borrowings and sale of shares.
5. It is further estimated that the total expected receipt from the sale of building shall far exceed current borrowing and further cost of development. The Promoter Group proposes to replenish sold shares out of the proceeds.
The project is expected to be completed within 36 months.
This information is being provided on behalf of Promoter Group Companies based on their request. |
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