Cravatex Ltd. — Capital/Financing Update 2022

Oct 19, 2022

Registered Office : Ground Floor (East Wing), Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400 001 CIN L93010MH1951PLC008546 Telephone No. : +91 22 6666 7474 Email : info@cravatex.com Website : http://cravatex.com/

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19[th] October, 2022

BSE Limited Department of Corporate Services (DCS-Listing) Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001

Company Code: 509472

Dear Sir,

• Sub.: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• Ref : Sale/disposal of 100% shareholding held by the Company in Cravatex Brands Limited.

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Cravatex Limited (“the Company ”) hereby informs that the Board of Directors of the Company, at its Meeting held today, i.e., 19[th] October, 2022, which commenced at 5.45 p.m. and concluded at 8.50 p.m., inter alia, has granted its approval for sale / transfer / disposal / divestment of its 100% shareholding held in Cravatex Brands Limited (“ CBL ”), a material subsidiary of the Company, subject to approval of the Shareholders of the Company.

Detailed information in relation to the above, as required to be disclosed in terms of Regulation 30 read with Schedule III of the SEBI (LODR) Regulations 2015 is annexed hereto as Annexure 1.

Kindly take the same on your record.

Thanking You, For Cravatex Limited

Digitally signed by SUDHANSHU NAMDEO DN: c=IN, o=Personal, SUDHANSH 2.5.4.20=925a3182dfaeb944aef04c218275696ed8797edcd95692041189f0d7dbd75ba8, postalCode=410218, st=Maharashtra, serialNumber=ed5747e3e6b898fec2d221861 U NAMDEO 890d0b5acbfee35124932f1bd649a2993918105, cn=SUDHANSHU NAMDEO Date: 2022.10.19 21:20:23 +05'30'

Sudhanshu Namdeo Company Secretary and Compliance Officer Membership No. A17132

Encl : a.a.

Registered Office : Ground Floor (East Wing), Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400 001 CIN L93010MH1951PLC008546 Telephone No. : +91 22 6666 7474 Email : info@cravatex.com Website : http://cravatex.com/

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Annexure 1

The disclosure pursuant to Regulation 30 of the SEBI LODR read with Para A(1) (more particularly mentioned in Para 1.4 thereof) of Part A of Schedule III and SEBI Circular CIR/CFD/CMD/4/2015 dated 9[th] September 2015 is as follows:.

1. Acquisition(s) (Including agreement to acquire), Scheme of Arrangement (amalgamation/ merger/ demerger/restructuring), or sale or disposal of any unit(s), division(s) or subsidiary of the listed entity or any other restructuring:

1.4. Sale or disposal of unit(s) or division(s) or subsidiary of the listed entity:

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Sr Disclosure Remarks
a) The amount and percentage Rs. in %
of the turnover or revenue Crores
or income and networth Turnover or Revenue or
contributed by such unit or Income of CBL : 156.53 26.34%
division of the listed entity
during the last financial year; Networth of CBL : (-) 41.13
Net worth contribution of
CBL is negative.
b) Date on which the 19 [th] October 2022 (“ Execution Date ”)
agreement for sale has been
entered into;
c) The expected date of Within 90 (ninety) days from the Execution
completion of sale/disposal; Date subject to completion of condition
precedents.
d) Consideration received from The total consideration payable is based on the
such sale/disposal; enterprise value of CBL, i.e. , INR 202.17 Crores,
subject to the terms and conditions and
adjustments (based on the outstanding debt of
CBL as on the completion date) set out in the
SPA.For reference, the total outstanding debt of
CBL as per its audited accounts dated
31 [st] March, 2022, was approximately INR 163
Crores.
e) Brief details of buyers and The buyer is Metro Brands Limited, which is a
whether any of the buyers public limited company listed on BSE and NSE.
belong to the promoter/ Metro Brands Limited is one of the largest
promoter group/group Indian footwear specialty retailers and is among
companies. If yes, details the top aspirational Indian brands in the
thereof; footwear category.
The buyer does not belong to the
promoter/promoter group/group companies.
Digitally signed by SUDHANSHU NAMDEO
DN: c=IN, o=Personal,
2.5.4.20=925a3182dfaeb944aef04c21827569
SUDHANSH 6ed8797edcd95692041189f0d7dbd75ba8,
postalCode=410218, st=Maharashtra,
serialNumber=ed5747e3e6b898fec2d221861
U NAMDEO 890d0b5acbfee35124932f1bd649a2993918105Date: 2022.10.19 21:21:08 +05'30', cn=SUDHANSHU NAMDEO
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Registered Office : Ground Floor (East Wing), Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400 001 CIN L93010MH1951PLC008546

Telephone No. : +91 22 6666 7474 Email : info@cravatex.com Website : http://cravatex.com/

f) Whether the transaction The transaction would not fall within related would fall within related party transactions. party transactions? If yes, whether the same is done at “arms length”; g) Additionally, in case of a Not Applicable slump sale, indicative disclosures provided for amalgamation/merger, shall be disclosed by the listed entity with respect to such slump sale.

Thanking You, For Cravatex Limited

Digitally signed by SUDHANSHU NAMDEO DN: c=IN, o=Personal, SUDHANSH 2.5.4.20=925a3182dfaeb944aef04c218275696ed8797edcd95692041189f0d7dbd75ba8, postalCode=410218, st=Maharashtra, serialNumber=ed5747e3e6b898fec2d2218 U NAMDEO 61890d0b5acbfee35124932f1bd649a2993918105, cn=SUDHANSHU NAMDEO Date: 2022.10.19 21:21:40 +05'30' Sudhanshu Namdeo Company Secretary and Compliance Officer Membership No. A17132

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