|
| Exchange Received Time 31/05/2017 15:57:21 Exchange Disseminated Time 31/05/2017 15:57:28 Time Taken 00:00:07 |
Sub: Corporate Announcement under Reg 30(7) of SEBI LODR - Execution of Share Purchase Agreement (SPA)
In continuation to the earlier disclosure on 22nd May 2017, please note that the Company has executed a Share Purchase Agreement with IL&FS Township and Urban Assets Limited (ITUAL) to acquire 50% equity share capital viz. 1,50,00,000 equity shares of Rs.10/- each held by ITUAL in Future Retail Destination Limited (FRDL). FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become 100% subsidiary of the Company upon completion of the transaction.
The total consideration payable by the Company under the SPA is Rs 14,00,00,000 (Rupees Fourteen Crore Only). In terms of the SPA, the Company has paid an amount of Rs.9,00,00,000/- (Rupees Nine Crore only) and the balance consideration of Rs. 5,00,00,000/- (Rupees Five Crore only) shall be paid on or before 30th September 2018.
|
|
|