Take Solutions slumps 7.5% after initiating liquidation process of its German arm

The company’s management has taken into consideration the Covid-19 impact which has significantly hampered the operations of Navitas Life Sciences.

Sep 15, 2020 09:09 IST India Infoline News Service

Take Solutions Limited has initiated the liquidation process of its German arm Navitas Liufe Sciences GmbH due to Covid-19 impact.

The IT company is currently trading at Rs45.95, down by Rs3.75 or 7.55% from its previous closing of Rs49.70 on the BSE. The scrip opened at Rs45 and has touched a high and low of Rs47.30 and Rs44.50 respectively.

The company informed the exchanges on Monday that its management has taken into consideration the impact of known internal and external events arising from Covid-19 pandemic in the assessment of recoverability of trade receivables, contract assets and certain investments in subsidiaries.

It further informed that the liquidity and business constraints, consequent to impact of Covid-19 pandemic, have significantly hampered the operations of a step down subsidiary viz. Navitas Life Sciences GmbH, Germany (a direct subsidiary of Ecron Acunova Limited and a step-down subsidiary of Take Solutions Limited).

“After assessing the current situation and considering the local requirements, the liquidation process of Navitas Life Sciences GmbH, Germany has been initiated as per the requirements of local laws,” company said.  

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