Sakthi Sugars Limited has informed exchanges regarding Disclosure of sale of Soya unit of the Company. Today, company has entered into a Slump Sale Agreement with ABT Limited for the sale of Soya Unit.
The company has informed exchanges, “We wish to inform that the Company has today entered into a Slump Sale Agreement with ABT Limited, a promoter group company, with respect to sale of Soya Unit of the Company to ABT Limited as approved by the Audit Committee, Board of Directors and Members of the Company for a consideration of Rs.124.50 crores on slump sale basis.”
ABT Limited is in existence since 1931 and is engaged in the business of transportation of goods, dealership in Maruti Vehicles, etc.
Sale of Soya unit is for the purpose of raising funds to reduce its liabilities to Banks/Financial Institutions and others. ABT Limited had expressed its intention to buy the Soya unit. Based on the valuation reports of Registered Valuers with respect to land, building and plant and machinery and of the Statutory Auditors with respect to net current assets and miscellaneous fixed assets, the selling price of the Soya unit has been determined at Rs.124.50 crores on slump sale basis.
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