Sambandam Spinning Mills surges 5% after disposal of non-core asset

The land was purchased long ago for windmill power project.

Nov 24, 2021 11:11 IST India Infoline News Service

Sambandam Spinning Mills Ltd has informed that after obtaining necessary approvals, the company has disposed left out balance of its non-core asset -unusable and non productive vacant land situated at Udumalpet district.

The details of the sale as per regulatory filing is as follows:
  • Asset details: Unusable vacant land with zero productive value (land measuring 3.70 acres) situated at Udumalpet district, Tamil Nadu
  • Total sale consideration: Rs 7.37 lakhs ( Rupees seven lakhs and thirty seven thousand only)
  • Details of the buyer: a. 1.7 acres vacant unusable land sale to P.Dhanasekar -Resident of Udumalpet district b. 2.0 acre vacant unusable land sale to Amirthavalli W/o Chandrasekar - Resident of D.V.Patnam village in Udumalpet district. The buyers do not belong to promoter/promoter group/group companies and not a related Party.
  • Turnover: The land was purchased long ago for windmill power project , but it is not used for such project and it became vacant unusable land , a non-core asset with nil revenue generation and so turnover is nil.
At around 11:52 AM, Sambandam Spinning Mills was trading at Rs231.70 apiece up by Rs11 or 4.98% on the BSE.

Related Story

Open Free Demat Account (Rs699)
Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity