VRL Logistics to sell its bus operations business; Stock soars 1%

16 Sep 2022 , 09:16 AM

The Board of Directors of VRL Logistics Ltd at its meeting held on September 15, 2022 have, approved the sale/transfer of its Bus Operations undertaking by way of slump sale on a going concern basis to the firm which is owned and controlled by the promoters of the Company.

The Bus operations Division recorded revenue of Rs20,483.75 Lakhs which contributes 8.50% of the total revenue of the company. The Net Worth of the Bus Operations Division as of March 31, 2022 was ~Rs3,452.09 lakhs as against the overall net worth of Rs65,163.07 lakhs being 5.30% of the Net Worth.

The approved sale consideration for the said transaction is Rs23,000 lakhs (Rupees twenty-three thousand lakhs) which would be subject to closing date adjustments as mutually agreed between the parties in the BTA, the company said.

Notably, the company is engaged in the business of Goods Transportation and bus operations.

On Friday morning trade, VRL Logistics Ltd is currently trading at Rs655.95 per share up by Rs6.7 or 1.03% from its previous closing of Rs649.25 per share on the BSE.

For feedback and suggestions, write to us at [e-mail]