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| Exchange Received Time 30/03/2017 16:28:24 Exchange Disseminated Time 30/03/2017 16:28:27 Time Taken 00:00:03 | | In terms of the special resolution passed by the shareholders of the Company on March 27, 2017 through postal ballot with regard to sale of investments in Naman Mall Management Company Private Limited (Naman), the Company has entered into a share purchase agreement on 30th March 2017 with Olive Commercial Company Limited for the sale of 100% equity share capital held by the Company in Naman. The consideration for the sale of investment is Rs.2,00,00,000/- (Rupees Two Crores Only) which has been received by the Company. Naman is having secured credit facilities from Punjab National Bank (PNB) and the outstanding liability as on the date of sale is ascertained at approximately Rs. 86.85 Crores. Naman was acquired by the Company in terms of a Share Purchase Agreement dated 22nd June 2016 however on account of the delay in project implementation for various reasons, the Board resolved to sell the investments with due approval of shareholders. |
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