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Dynamatic Technologies Ltd. - Divestment Of Auto Division At Chennai

| Updated on December 31, 2018 Published on December 31, 2018

Dear Sir / Madam,

Further to our communication dated 14th November 2018 and 22nd November 2018 with regard to divestment of the auto division of the Company located at Chennai (Auto Division), we wish to inform you that the Company executed a Business Transfer Agreement today with Hi-Tech Arai Private Limited (Purchaser) on such terms and conditions as deemed fit, thereby concluding the said transaction.

In respect of the divestment of the Auto Division, the Company will receive INR 40 Cr as consideration for transfer of all the fixed assets relating to the aluminum business of the Auto Division, which is in excess of the book value of underlying assets, while the Company has carved out and redeployed some machinery worth INR 8 Cr into its other businesses. Additionally, the Purchaser has agreed to acquire the inventories of the Auto Division (approximately around INR 5.5 Cr to 6.5 Cr) on an actual basis at a price that will be determined by the parties upon physical verification.

We kindly request you to take this letter on record.

Pdf Link: Dynamatic Technologies Ltd. - Divestment Of Auto Division At Chennai

Source : BSE - www.bseindia.com

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Published on December 31, 2018
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