The company will sell the entire stake to MKPL’s promoter Prashant Patil.
Following the sale, MASL’s stake in MKPL would be Nil, and MKPL would no longer be a subsidiary of MASL, and therefore the Company.
MKPL’s net worth is negative, hence the compensation for the sale of the interest is a notional amount agreed upon by the parties.
Prashant Patil is the founder and full-time Director and CEO of MKPL. He is an existing stakeholder of MKPL, owning 7.95% of the company’s paid-up equity share capital.
The consideration received is Rs1 for sale of 1,16,05,000 equity shares.
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