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| Exchange Received Time 06/12/2018 14:41:17 Exchange Disseminated Time 06/12/2018 14:41:25 Time Taken 00:00:08 | Pursuant to the above mentioned Listing Regulations, we write to inform you that the Company has
executed an Agreement for Sale dated December 5, 2018 with Mis Alwarpet Properties Private Limited
(part of the Olympia Group, Chennai), for sale of its land situated Triuvottiyur Road, in Chennai, Tamil
Nadu, for a consideration of Rs. 100 Crores (Rupees One Hundred Crores Only).
The sale is expected to be completed within 4 -10 months, based on tangible milestones.
For over the last 5 decades, a battery manufacturing facility was located on the said land. However the
factory became economically unviable, which led to it becoming idle for some time. This had no impact
on the operations of the Company. The said land has therefore become surplus to the Company''s needs.
The parties to the Agreement for Sale are not related and this would not fall within related party
transactions.
We enclose herewith a copy of the Press Release being issued by the Company in this regard.
This is for your information and records. |
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