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| Exchange Received Time 22/10/2018 18:05:39 Exchange Disseminated Time 22/10/2018 18:05:44 Time Taken 00:00:05 | Pursuant to our letter dated 26 July 2018 in connection with above, this is to confirm that IFB Industries Ltd ( IFB) had made an initial advance payment of Rs 5 ( five ) crore on 6th August 2018. Further payment of Rs 20 ( twenty ) crore was made on October 16, 2018 after entering into business transfer agreement on the same date by IFB with Ramsons Garments Finishing Equipment Pvt. Ltd, Ramsons Udhyog Pvt. Ltd. and its promoters . Balance consideration money of Rs 10 (ten ) crore will be paid within ninety days from October18, 2018 subject to validation of cost of materials, warranty, wastage and spare sales in the next ninety days period from the date of transfer of business to IFB. We will keep Exchanges informed in this regard . IFB has taken control of the business w.e.f October 18, 2018.
The consideration money was paid/ to be paid by way of bank transfer only.
The investments do not fall within the related party transaction.
This is for your information and record.
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