Outcome of Board Meeting

This has reference to our letters dated December 22, 2015 and February 8, 2016 regarding approval for sale of ships / shipping business of the Company. In continuation to the above, we hereby inform that the Board of Directors of the Company, on the recommendation of Audit Committee, at its meeting held on May 02, 2017 approved the sale and disposal of one of the ships of the Company viz. Ratna Shalini for a consideration of USD 24.5 million to Rialto Navigation S.A., Liberia. The book value of the ship- Ratna Shalini was Rs. 194.04 crore as on March 31, 2017. The sale of aforesaid ship is expected to be completed by July 15, 2017. The Buyer does not belong to the promoter/ promoter group/ group companies and the said transaction is not a related party transaction.

Pdf Link: Outcome of Board Meeting

Source : BSE - www.bseindia.com

Published on May 02, 2017
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