Patanjali Foods to divest its stake in Ruchi Ethiopia Holdings

17 May 2024 , 03:25 PM

The board of directors of Patanjali Foods, during a meeting on March 27, 2020, decided to divest its stake in Ruchi Ethiopia Holdings. Ruchi Ethiopia Holdings reported nil revenue and a net worth of $567,179 as of March 31, 2019. Based on audited accounts, the fair market value of shares was determined to be $566,864.

Due to the negative fair market value, the board approved a sale consideration of $1, equivalent to the INR value. The share purchase agreement for the disposal of 28,543 ordinary shares of 1000 AED each was executed on March 27, 2020.

Sanatan Multi Skill Development and Education Private, the buyer, has no affiliation with the promoters, promoter group, or group companies of Patanjali Foods.

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