Binny to buy assets from Mohan Breweries worth Rs554cr against advances given for land purchase; Stock tumbles 5%

The current market cap of the company is Rs687.23cr.

Aug 31, 2021 09:08 IST India Infoline News Service

Stock Market Trader, Stock Trader, Trading
Binny Ltd's Board of Directors on August 30, 2021 has considered and approved acquisition/takeover of the following business and immovable properties of Mohan Breweries & Distilleries Limited (“MBDL”) amounting to Rs554cr, based on Independent Valuation Report and to set off the consideration payable to MBDL against land advance along with interest and other advances amounting to Rs528.77cr due from MBDL.
  • 62 KLPD Distillery Unit at Chengelpet on an on-going Concern basis along with Land, Building, Plant & Machinery, all its licenses and other Assets valued - Rs100cr
  • 12.43 acres of Factory Land located in M.M.Nagar Valasaravakkam valued Rs265cr
  • 42.46 acres of lands located at Ozhalur Village in Chengelpet Taluk of Kancheepuram District valued Rs53cr
  • 62.386 acres of lands located at Irunkundrampalli Village In Chengelpet Taluk of Kancheepuram District valued Rs109cr
  • 850 acres of Wind Mill Lands at Tirunelveli District valued at (Net) Rs27cr
The net payable amount to MBDL is Rs8.56cr and it is mutually agreed between the Company and MBDL that the same will be waived by MBDL.

At around 9:30 AM, Binny was trading at Rs292.55 apiece down by Rs15.35 or 4.99% on Sensex.

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