Aegis Logistics to sell its stake in Konkan Storage Systems; Stock sheds over 3%

18 Jan 2022 , 02:16 PM

Aegis Logistics Limited board on Monday has approved the sale of entire equity holding of 1 lakh equity shares of Rs10/- each of Konkan Storage Systems (Kochi) Private Limited (KCPL), wholly-owned subsidiary of the Company to its other wholly-owned subsidiary, Aegis Vopak Terminals Limited (AVTL) at a fair value of Rs18.5/- per equity share.

The consideration to be received by the Company against the sale of equity shares of KCPL will be Rs18.50 lakh as per the valuation report obtained by the Company. The transaction will be completed on or before March 31, 2022.

Pursuant to the aforesaid transaction, KCPL will cease to be a direct wholly owned subsidiary of the Company and will become a step down subsidiary of the Company.

“Since, AVTL is a wholly owned subsidiary of the Company, the transaction is a related party transaction. The consideration for sale of equity shares of KCPL by the Company to AVTL is determined on the basis of an independent valuation report. The transaction is undertaken on arm’s length basis,” company said in a filing on Monday.

At around 2.20 pm, Aegis Logistics Ltd was trading at Rs228.10 per piece down by Rs8 or 3.39% from its previous closing of Rs236.10 per piece on the BSE.