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Bhageria Industries divests entire stake in Bhageria Exim

Bhageria Exim Private Limited would cease to be a wholly-owned subsidiary of Bhageria Industries.

September 30, 2022 1:04 IST | India Infoline News Service
Bhageria Industries Limited informed that the company has divested its entire stake in wholly-owned subsidiary Bhageria Exim (BEPL).

Following this development, Bhageria Industries tanked nearly 16% in early morning trade.

Bhageria Exim Private Limited would cease to be a wholly-owned subsidiary of Bhageria Industries upon the completion of the share purchase agreement and transfer of shares.

Bhageria Industries collected Rs1,00,000 from the sale of the subsidiary. BEPL's share stood at Rs12.99 crore or 2.16% of the parent company's total income in the previous fiscal year.

Bhageria Exim's net profit of Rs0.27 crore in the previous fiscal year was only 0.05% of the parent company's total PAT. The company is expected to close the transaction on or before September 30.

The company has sold the unit to Ramchandra S Ramuka and Gaurav R. Ramuka, the company said that both do not belong to the promoter or promoter group companies.

At around 1.02 PM, Bhageria Industries was trading 0.48% higher at Rs176.15, against the previous close of Rs175.30 on NSE.

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