Ashirwad Steels -; Industries to sell LPG bottling plant at Howrah; Stock soars 5%

27 Jan 2022 , 02:41 PM

Ashirwad Steels & Industries Limited has on January 24 executed two fresh agreements with the purchaser company namely SHV Energy private limited regarding the sale of company’s LPG Bottling Plant, situated at Uluberia industrial growth centre (WBIIDC), Howrah.

The first agreement is regarding sale, transfer and assignment of the entire lease hold land of the said plant (including civil structures and factory sheds built thereon) for a consideration value of rupees twelve crores (plus GST) and second agreement is regarding sale and transfer of all movable assets (including plant & machinery) of the said plant for a consideration value of rupees four crores plus GST.

These two fresh agreements are in substitution/replacement of the earlier Business transfer agreement dated 03.01.2019 executed with the said buyer company for a total consideration value of rupees sixteen crores. The total consideration amount of rupees sixteen crores has remained same and unchanged.

The deal was stuck for a long time for want of necessary approval from WBIIDC, the lessors of the land. The board had already taken the requisite approval of the shareholders of the Company in this matter vide postal ballot notice dated 25.06.2018.

At around 2:39 PM, Ashirwad Steels & Industries was trading at Rs18.45 per piece up by Rs0.85 or 4.83% on Sensex.