Kiran Vyapar in share purchase agreement with Neeru Vishnu Wadhawan to sell entire CCPS in Magma Realty; stock slips 2%

Upon completion of this transaction with Neeru Vishnu Wadhawan and others, Magma Realty would cease to be a subsidiary of the company.

Mar 18, 2021 10:03 IST India Infoline News Service

Kiran Vyapar Limited has entered into a share purchase agreement (SPA) with Neeru Vishnu Wadhawan and others to sell and transfer the entire 12 lakh Non-Cumulative Participating Compulsory Convertible Preference Shares (CCPS) of Rs100 each held by the company in Magma Realty Private Limited., a subsidiary of the company.

The company said in a regulatory filing on Wednesday that it presently holds 99.17 % of the total Paid-up Capital (Equity and CCPS) of Magma Realty Private Limited. Magma Realty Private Limited is not a material subsidiary of the Company. Upon completion of this transaction Magma Realty Private Limited would ceases to be a subsidiary of the Company.

The company received a consideration of ~Rs19.11cr from this sale.

At around 10.37 am, Kiran Vyapar Ltd was trading at Rs100.20 down Rs1.80 or 1.76% on the BSE.

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