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Indo Count Industries Ltd Capital/Financing Update 2022
61460_rns_2022-04-02_2ee99cbf-a41a-4314-99f3-a9e6c521b222.pdf
Capital/Financing Update
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April 2, 2022
National Stock Exchange of India Ltd. Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400051
BSELimited Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001
Company Symbol: ICIL Scrip Code: 521016
Dear Sir / Madam,
Subject: Completion of acquisition of Home Textile Business of GHCL Limited and purchase of specified assets of Grace Home Fashions LLC
In continuation to our intimation dated 6th December, 2021, we would like to inform the exchanges that the Company has successfully completed the acquisition of Home Textile Business of GHCL Limited ("GHCL") including its manufacturing facility at Bhilad (Vapi), Gujarat, on a going concern basis, by way of a slump sale on z= April, 2022, in accordance with the terms of Business Transfer Agreement ("BTA") and Indo Count Global Inc., wholly owned subsidiary of the Company has completed acquisition of specified assets (inventory and intellectual property) of Grace Home Fashions LLC ("GHF"),USsubsidiary of GHCL on 2nd April, 2022, in accordance with the terms of Asset Transfer Agreement ("ATA").
The transaction has been completed on 2nd April, 2022 for a total lumpsum consideration of Rs.558.60 Crores (subject to validation of customary closing date adjustment of working capital in terms of the BTA). The consideration towards specified assets of GHF has been calculated at USD 4.5 million (equivalent to Rs.34.20 Crores) (subject to validation of customary closing date adjustment in terms of the ATA).
The total consideration for acquisition of the Home Textiles Business has been calculated at Rs.592.80 crores (subject to validation of customary closing date adjustment of working capital in terms of BTA & ATA)
Edelweiss Finance & Investments Limited acted as transaction advisor and Khaitan & Co. acted as legal advisor to the aforesaid transaction.
This Disclosure is submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is for your information and records.
Thanking you,
Yours faithfully,
Industries Ltd
Head Office: 301, Arcadia, 3rd Floor, Nariman Point, Mumbai-400 021, Maharashtra, India; T: 91 224341 9500, F: 91 2222823098 Marketing Office: Dosti Imperia, 2nd Iloor, Manpada, Ghodbunder Road, Thane (w) - 400607, Maharashtra, India; T: 91 22 4151 1800, F: 912221720121 Home Textile Division: T3, Kagal- Hatkanagale Five Star, MIDC Ind. Area, Kolhapur-416216, Maharashtra, India; T: 91231662 7900, F: 91 231 6627979 Spinning Division: D1, MIDC, Gokul Shirgaon. Kolhapur-416216, Maharashtra, India; T: 91 231 2687400, F: 91 231 2672161 Regd. Office: Office No.1, Plot No. 266, Village Alte, Kumbhoj Road,Taluka Hatkanagale, Dist. Kolhapur - 416 109,Maharashtra, India; T: 91 230 2463100/2461929 CIN: L72200PN1988PLC068972; Email: [email protected], Website: www.indocount.com