Voltas completes transfer of domestic business projects to subsidiary

3 Aug 2022 , 09:44 AM

Voltas Limited‘s stock is in focus today amid announcement of financial results for the quarter ending June 30, 2022.

Further, the company informed to the exchanges that upon satisfactory completion of ‘Conditions Precedent’ as stipulated in the Business Transfer Agreement (BTA), earlier executed on March 24, 2021 between the Company and Universal MEP Projects & Engineering Services Limited (UM PESL), a wholly-owned subsidiary of Voltas, the transaction has been consummated on August 01, 2022, being the ‘Closing Date’ for transfer of domestic B2B businesses.

Accordingly, this B2B businesses comprises projects business relating to Mechanical, Electrical and Plumbing (MEP) / Heating, Ventilation and Air-Conditioning (HVAC) and Water projects, Mining and Construction Equipment (M&CE) business and Textile Machinery Division (TMD) business, the company said in a filing.

After taking into consideration the working capital adjustments, the consideration amount for transfer of aforesaid businesses is Rs1190 crore, it further added.

At around 9:46 AM, Voltas was trading at Rs963.10 per share down by Rs36.5 or 3.65% from its previous closing of Rs999.60 per share on the BSE.