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| Exchange Disseminated Time 10/02/2017 11:30:23 | Ajmera Realty & Infra India Ltd has informed BSE that Ajmera Clean Green Energy Limited (ACGL), a wholly owned subsidiary of Ajmera Realty & Infra India Limited "the Company" has agreed to sell its entire 49% stake in associate Company, Comet Power Private Limited (CPPL) to Ramesh A. Mehta Group for a consideration of Rs.16.92 crores.
The Comet Power Private Limited had Loss of Rs.3.67 Lakhs for the financial year ended March 31, 2016 .Thus, sale of Power Business will not have any impact in the Profit of the Company. The sale proceeds of stake in CPPL will be deployed in the Company for core Real Estate business.
The Comet Power Private Limited ceases to be associate Company of ACGL after completion of the transaction, which shall be completed on or before March 31, 2016.
None of the Promoters are interested in the said transaction and it is not a related party transaction for the Company. |
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