Board of JMT Auto approves sale of non-core assets

At meeting held on 18 January 2021

Jan 18, 2021 07:01 IST capital market

The Board of JMT Auto on 18 January 2021 has decided to sell a few non-core assets of the Company comprising vacant Industrial plot, a few Residential flats and other plots of land. The total value of the asset being less than 5% of the total Net Worth of the Company as per the last Financial Year 2019 -20.

Net Blook of Assets as on 31 March 2020 - Rs 112.35 crore
Value of Assets proposed to be sold - Rs 5.07 crore
Percentage of Assets proposed to be sold of the Net Block of Assets - 4.52%

The proceeds of the sale are to be used mainly to reduce the debt of the Company by making repayments of loans from Bankers. The sale proceeds will be used fully for the improvement of the present condition of the Company.

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