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| Exchange Received Time 14/02/2018 19:44:50 Exchange Disseminated Time 14/02/2018 19:44:54 Time Taken 00:00:04 | In furtherance to earlier intimations, the Board of the Company, in its today's meeting, considered the recommendations made by the Committee and authorized it to evaluate & finalize the options available for the Company for sale of its residential and commercial assets at Chennai, being a non-core market for Company's real estate business operations.
The Board also took on record the resolutions passed by the Board of its 100% subsidiaries Navilith Holdings Ltd (Cyprus) and M Holdco1 Ltd (Mauritius) authorizing execution of non-binding documents with third party institutional investor, for reorganization of its commercial leasing business in India for achieving sustainable long term growth and for further strengthening of their on-going businesses. The said resolutions further authorize the respective companies to share information and endeavor to conclude the transaction before March 31, 2018, subject to necessary approvals & to take all necessary steps, as may be required. |
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