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| Exchange Disseminated Time | Vishal Retail Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 10, 2010, has approved the following:
- Authority to the Board to sell and transfer as a going concern, on a slump sale basis and on such terms and conditions as are negotiated by the Board and/or the Managing Director (and deemed by them at their discretion to be in the best interest of the Company): (a) the Retail Trading Undertaking of the Company to a Company owned by the Shriram Group, a diversified industrial group headquartered in Chennai (the "Retail Company"), and (b) the Wholesale Trading, Institutional Sales and Franchise Operations Undertaking to a 100% Indian subsidiary of TPG VW, Limited (the "Wholesale Company") (each an "Undertaking" and collectively, the "Undertakings"), which amongst others is conducted by the Company under the name and style of "Vishal", "Vishal Retail", "Vishal Megamart" and "Vishal Fashion Mart", together with all rights, assets and interests pertaining to the Undertakings (including but not limited to inventory, stock-in trade, cash and cash equivalents, store leases, leasehold improvements and fit-outs, information technology systems, rights to all trademarks and intellectual property used and/or owned by the Undertakings and contractual entitlements of the Undertakings) and certain identified liabilities pertaining to the Undertakings, but not including the freehold properties of the Company i.e. not including properties in Hubli, Kolkata, Dehra Dun and Jabalpur, for a consideration of approximately Rs. 100 crores (Rupees Hundred Crores) to be discharged by the Wholesale Company and/or the Retail Company in the manner described in the Explanatory Statements and subject to such adjustments, which the Board and/or the Managing Director may deem appropriate, subject to necessary provisions & approvals. |
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