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Sujana Towers Limited has decided to divest its towers business to Agarwal Steel Structures (India) Private Limited, a Hyderabad-based company.
According to a regulatory filings made by Sujana Towers, this is a slump sale and there will be no change in the shareholding pattern of the promoters in the company.
The agreements are likely to be inked within 60 days of securing mandatory approvals.
The value of assets proposed to be transferred is Rs 2,040 crore and the liabilities of Rs 1,475 crore are secured loans plus Rs 199.96 crore is from the creditors. The net consideration is expected to be Rs 340 crore.
Sujana Towers is under corporate debt restructure (CDR) package and is facing tough times in securing new orders.
Therefore, the company Board felt it prudent to hive off the tower and related business to clear off the debt and focus on value added business of specialty steel manufacture.
For the fiscal ended March 31, 2015, the company achieved a turnover of Rs 2,066 crore.
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