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Technocraft Industries (India) Ltd. — Capital/Financing Update 2021
Dec 17, 2021
61626_rns_2021-12-17_2e1ca567-ec21-40b6-81cf-28d49069d590.pdf
Capital/Financing Update
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Technocraft Industries (India) Limited Registered Office : Plot No. 47 “Opus Centre”, Second floor, Central Road, Opposite Tunga Paradise Hotel, MIDC, Andheri (East) Mumbai – 400 093, Maharashtra, India Tel: 4098 2222/2340; Fax No. 2835 6559; CIN: L28120MH1992PLC069252 E-mail: [email protected] ; website: www.technocraftgroup.com
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December 17, 2021
To, National Stock Exchange of India Ltd Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai- 400051 Ref: Script Name: TIIL
BSE Limited Listing Department P.J. Towers, 1[st] Floor, Dalal Street, Fort, Mumbai – 400 001 Script Code: 532804
Dear Sir / Madam,
Sub: Intimation of Sale of Wholly-Owned Subsidiary Company; Technocraft Australia Pty Ltd Ref: Regulation 30 of the SEBI(Listing Obligations and Disclosure Requirements)Regulations, 2015.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose the details of the transaction pertaining to sale of shares by a wholly owned subsidiary of the Company.
Presently, Technocraft Industries (India) Limited (“the Company”) holds 100 per cent shares in Technocraft Australia Pty Ltd. (“TAPL”) and accordingly, TAPL is a wholly owned subsidiary of the Company. TAPL is not material subsidiary.
The Company proposes to sell 100 per cent shareholding in TAPL to SSS Group Holdings Pty Ltd (SSS), a scaffolding and edge protection services company of Australia, which is one of the largest scaffold suppliers throughout Australia. Consequent to the above transaction, TAPL ceases to be the wholly owned subsidiary.
In addition to proposed sale of TAPL to SSS, the Company is also entering in to a 5 years’ exclusive distribution agreement with SSS for sale of scaffolding and formwork products to be manufactured and/or supplied by the Company to SSS exclusively in the Australian market.
Off late the Company has observed that it is more advisable to service Australian Market through distribution route instead of having own subsidiary. This proposed sale will be helpful for the Company in short as well as long run.
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Technocraft Industries (India) Limited Registered Office : Plot No. 47 “Opus Centre”, Second floor, Central Road, Opposite Tunga Paradise Hotel, MIDC, Andheri (East) Mumbai – 400 093, Maharashtra, India Tel: 4098 2222/2340; Fax No. 2835 6559; CIN: L28120MH1992PLC069252 E-mail: [email protected] ; website: www.technocraftgroup.com
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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 provided below:
| S.N. | Particulars of information required | Particulars of information provided |
|---|---|---|
| 1. | The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the Company during the last financial year. |
During the Last Financial Year 2020-21 (i) Turnover- AUD 67.34 Lakhs (Rs.3427.08 Lakhs) which is 2.65% of consolidated turnover of the Company. (ii) Networth- AUD 10.12 Lakhs (Rs.563.82 Lakhs) which is 0.53% of consolidated Networth of the Company. |
| 2 | Date on which the agreement for sale has been entered into |
December 16, 2021 |
| 3 | The expected date of completion of sale |
January 10, 2022 |
| 4 | Consideration received / to be received from such sale |
AUD 1,800,000.00 (One Million Eight Hundred Thousand Dollar) ) |
| 5 | Brief details of buyers and whether any of the buyers belong to the promoter/promoter group/ group companies. If Yes, details thereof |
SSS Group Holdings Pty Ltd (SSS), a scaffolding and edge protection services company of Australia. SSS does not belong to the promoter/promoter group/ group companies. |
| 6 | Whether the transaction would fall within related party transactions? If yes, whether the same is done "arm's length" |
No. |
| 7 | Additionally, in case of slump sale, indicative disclosures provided for amalgamation, in case of a slump sale, indicative disclosures provided for amalgamation/ merger, shall be disclosed by the Company with respect to such slump sale. |
Not applicable |
| 8 | Additional information | - |
This is for the information of the exchange and the members.
Thanking You,
Yours truly,
For Technocraft Industries (India) Limited
SHARAD KUMAR SARAF Digitally signed by SHARAD KUMAR SARAF DN: c=IN, postalCode=400025, st=MAHARASHTRA, l=MUMBAI, o=Personal, serialNumber=c7177c18f0ed8419c69f16e0cc4260791af100eae1e1151e16de3dc36960b7c6, pseudonym=5d2f9ab1dcb6460c9a9bcc829eeaa005, 2.5.4.20=4bbdfc58dc544dd09cddeddd64486d6f0cc3d4a0f4238be6da12bd89ff15d96f, [email protected], cn=SHARAD KUMAR SARAF Date: 2021.12.17 17:00:48 +05'30'
Sharad Kumar Saraf Chairman & Managing Director (DIN 00035843)