Finolex Industries board approves transfer of MIDC land in Pune for Rs725cr; Stock up 1%

The board also authorized the company officials to deal and execute, sign MoU, definitive agreements, documents, deeds with the proposed buyer(s).

Sep 16, 2021 11:09 IST India Infoline News Service

Finolex Industries Limited intimated to the exchanges Wednesday that the Board of Directors at its meeting held on September 15, 2021, has approved the proposal for transfer of the Company's leasehold rights in the MIDC land admeasuring approximately 70 acres along with the structures standing thereon located at M.I.D.C, Chinchwad, Pune subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC to one or more parties in part, piecemeal or in full for a total consideration not less than Rs725cr to be received in one or more tranches.

The board also authorized the company officials to represent the company to deal and execute, sign memorandum of understanding, definitive agreements, documents, deeds with the proposed buyer(s) and to do all such acts, deeds, things etc. in order to give effect to the aforesaid subject matter.

Ata round 11.15 am, Finolex Industries Limited was trading at Rs194.85 per piece up Rs2.10 or 1.09% on the BSE.

“The company intends to complete the aforesaid transaction(s) which shall be subject to signing of definitive agreements between the parties and necessary regulatory and statutory approvals, if any. The company shall make the necessary intimation as and when all transaction(s) for entire 70 acres are fully completed.

The proposed buyers will be third-party buyer(s) and not belong to the Promoter/ Promoter Grou p / Group companies and the proposed transaction(s) will not fall under the ambit of Related Party Transactions,” company said in a filing on Wednesday.

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