Indag Rubber updates on sale of stake in JV SUN Mobility EV Infra; Stock gains 2%

The equity shares of Rs.10 each have been transferred at a price of Rs.14.642 per share (Total amount - Rs2.20cr) on October 18, 2021.

Oct 20, 2021 11:10 IST India Infoline News Service

Indag Rubber Ltd had earlier announced to the exchanges regarding sale / transfer of 15,00,000 equity shares of Rs.10 each of SUN Mobility EV Infra (P) Limited, (Joint Venture company - referred as JVCO), by the Company, to EPIC Mobility Technologies Pte Ltd. (Joint Venture Partner - hereinafter referred as Purchaser) at IRR of 15% pre-tax or Fair Market Value (whichever is higher).

The equity shares of Rs.10 each have been transferred at a price of Rs.14.642 per share (Total amount - Rs2.20cr) on October 18, 2021.

The 1,20,00,000 optionally convertible redeemable preference shares of Rs.10/- each of JVCO held by the Company have been redeemed on 18 October 2021 at a price of Rs.14.642 per share (Total amount - Rs17.57cr)

Further, the company informed that Vijay Shrinivas, who was a representative Director of the Company on the Board of JVCO, has resigned from the Board of JVCO w.e.f. October 18, 2021, as the Company is not holding any share capital of the JVCO w.e.f. October 18, 2021.

At around 11:40 AM, Indag Rubber was trading at Rs82 apiece up by Rs1.8 or 2.24% on Sensex.

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