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| Exchange Received Time 26/07/2018 15:38:51 Exchange Disseminated Time 26/07/2018 15:38:56 Time Taken 00:00:05 | The Board of Directors of IFB Industries Limited in their meeting held on 26 July 2018 accorded approval, subject to necessary approval of the Statutory Authorities, if any, to acquire as a going concern / running business, on a slump sale basis the entire Industrial Laundry equipment business from Ramsons Garment Finishing Equipment Pvt. Ltd and Ramsons Udhyog Pvt. Ltd and its Promoters at a consideration of Rs. 35 crores ( Rupees Thirty Five Crores) to be paid by way of bank transfer.
This acquisition is in same field of business and will help in consolidation and growth of Laundry Equipment Business. The transaction is expected to be completed with in Q2 of F.Y 2018-19.
This is for your information and record.
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