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Nitco Ltd. — Capital/Financing Update 2020
Aug 29, 2020
62410_rns_2020-08-29_96cc35a4-fadf-4238-8ee5-218ca30c4ae4.pdf
Capital/Financing Update
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August 29, 2020
To,
| Corporate Service Dept.BSE LimitedJeejeebhoy TowersDalal Street,Mumbai – 400 001Script code: 532722 | The Listing Department,National Stock Exchange of India LimitedExchange Plaza, Bandra Kurla Complex,Bandra (E),Mumbai – 400051Script code: NITCO |
|---|
Dear Sir/Madam,
Sub: Intimation for sale of stake in New Vardhman Vitrified Private Limited, a subsidiary company
With reference to the captioned subject, we would like to inform you that on August 29, 2020 the company has entered into an agreement for the sale of entire shareholding held by the company in New Vardhman Vitrified Private Limited (NVVPL). Accordingly, NVVPL shall cease to be subsidiary of the company from the date of completion of sale.
The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015 are as under:-
| September 09, 2015 are as under:- | |
|---|---|
| Particulars | Details |
| The amount and percentage of theturnover or revenue or income and networth contributed by such unit ordivision of the listed entity during the lastfinancial year. | Turnover: 62.8 Lakhsrepresenting0.14%of the consolidated turnover of Nitco forthe year ended March 31, 2020**Net worth:**Negative 10.37 Cr as on March31, 2020 |
| Date on which the agreement for sale hasbeen entered into. | The Share Purchase Agreement has beenexecuted on August 29, 2020. |
| The expected date of completion ofsale/disposal. | Within a period not exceeding 180 daysfrom August 29,2020 as mentioned in the |
Corporate Office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (East), Mumbai- 400 042. Tel.: 91-22-67302500|67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: [email protected], Website: www. nitco.in
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| Share Purchase Agreement | |
|---|---|
| Considerationreceivedfromsuchsale/disposal. | Rs. 2,75,00,000 (Rupees Two Crore andSeventy Five Lakhs Only) |
| Brief details of buyers and whether any ofthe buyers belong to the promoter/promoter group/group companies. If yes,details thereof. | Mr. Ashwin Babu Patel, Mr. Viral ChuniGhodasara and Mr. Shekhar Rati Adrojaare the buyers.The acquirer does not belong to thepromoter / promoter group / groupcompanies. |
| Whether the transaction would fallwithin related party transactions? If yes,whether the same is done at “armslength”. | The said transaction is not a related partytransaction. |
| Additionally, in case of a slump sale,indicativedisclosuresprovidedforamalgamation/merger, shall be disclosedby the listed entity with respect to suchslump sale. | Not Applicable |
Kindly take the same on record.
Thanking you,
Yours Faithfully,
For NITCO LIMITED
Digitally signed by Puneet Ashok Motwani DN: c=IN, o=Personal, cn=Puneet Ashok Motwani, Puneet Ashok serialNumber=e5cad98cfd24de3726066fdfaa0affa081c6f46c029e402765ee6085e6a92fd4, postalCode=400050, 2.5.4.20=97eae5bc3d27583be5cbcf4cf08a510174880 Motwani b476c49bd0ef162c0976874ba71, st=Maharashtra Date: 2020.08.29 20:14:52 +05'30'
Puneet Motwani Company Secretary & Compliance Officer
Corporate Office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (East), Mumbai- 400 042. Tel.: 91-22-67302500|67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: [email protected], Website: www. nitco.in