|
| Exchange Received Time 26/07/2018 18:26:23 Exchange Disseminated Time 26/07/2018 18:26:31 Time Taken 00:00:08 | We write in continuation to our earlier letter dated 26 July 2018 on captioned matter. We request you to consider this letter for compliance purpose by replacing our earlier letter in this regard.
The Board of Directors of IFB Industries Limited (IFB) in their meeting held on 26 July 2018 accorded approval, subject to necessary approval of the Statutory Authorities, if any, and subject to entering into detailed definitive agreement to acquire as a going concern / running business, on a slump sale basis the entire Industrial Laundry equipment business catering to laundry Segment 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 of IFB 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.
tion and record.
|
|
|