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| Exchange Disseminated Time | Goldstone Infratech Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 11, 2015 inter alia, have :
1. Approved the proposal to sell and transfer, the Company’s undertaking comprising the business of manufacture and sale of composite polymer insulators ('Insulators Division') along with the specified assets and liabilities related to the ‘Insulators Division' including but not limited to manufacturing, marketing and trading assets along with all licenses, permits, intellectual property rights, consents, employees and approvals whatsoever, relating thereto ('Business Undertaking’) in the manner and as per terms and conditions as deemed fit in the interests of the Company, as agreed between the Company and MPS Mauritius Holding, a subsidiary of MacLean Power Systems, USA on a slump sale basis to the wholly-owned Indian subsidiary of MPS Mauritius Holding for a lumpsum cash consideration of Rs. 1,080 million (Rupees One Billion and Eighty million only), subject to customary purchase price adjustments for net working capital, which consideration represents a fair value for the sale of the Business Undertaking having regard to the independent valuation carried out by one of the big four Global Accounting Firms.
2. Conveyed its intent to utilize the proceeds of the sale arising from the proposed transaction after payment of taxes, if any, inter alia for acquisition or starting new businesses by considering the present and future market scenario in the interest of all stakeholders of the Company and suitably reward the shareholders.
3. Accorded its consent to obtain approval of the Members for the proposed sale and transfer of the aforesaid Business Undertaking by means of a Postal Ballot to be conducted under the overall supervision of the Board of directors of the Company. |
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