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| Exchange Disseminated Time | Mudra Lifestyle Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 07, 2014, inter alia, has decided, subject to the approval of Shareholders to be obtained by way of Postal Ballot, to:-
1. Sell Unit D-1 of Company's Fabric Business located at Tarapur, with related assets and liabilities as identified, on a going concern basis, by way of slump sale to E-Land Fashion India Private Limited, which is a 100% subsidiary of the holding company, E-Land Asia Holding Pte. Ltd., for a lump sum consideration of Rs. 46.49 crore. This is on the basis of an independent valuation carried out by M/s. MZSK & Associates, Chartered Accountants, Mumbai.
2. Sell Specified Business / Assets to Prospective Buyer(s) for an appropriate consideration depending on the prevailing market conditions.
The above decision related to point 1 & 2 above were arrived at, based on a comprehensive review undertaken in respect of the business operations of the Company, where the key findings included that the Company;-
(i) is in need of funds;
(ii) needs to improve its operating efficiency; and
(iii) needs to reduce its high interest cost due to high debt burden. |
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