The Audit Committee and Board of Directors of Mafatlal Industries Ltd at its meeting held on 16th June, 2022, had considered and approved the proposal for sale of 4,50,000 equity shares (face value of Rs. 10 per share) of Vrata Tech Solution Pvt. Ltd (VTSPL) representing 77.77% of the total paid up capital of VTSPL to a promoter group entity, at the price of Rs. 90.55 per share for an aggregate consideration of Rs 4,07,47,500/-.
The Company has subscribed for said 4,50,000 shares of VTSPL at face value of Rs. 10 per share. The VTSPL is not a material subsidiary of the Company.
The Company has completed all the formalities of divestment and has transferred 4,50,000 equity shares of Rs. 10 each of VTSPL to Sumil Trading Pvt. Ltd, (a promoter group entity) at a fair value of Rs. 90.55 per equity share, for an aggregate consideration of Rs. 4,07,47,500/.
The fair value of equity shares has been decided on the basis of valuation report of independent Registered Valuer.
The entire consideration of Rs 4,07,47,500/- has received by the Company from Sumil Trading Pvt. Ltd on 30th June, 2022.
After this transaction VTSPL is not a subsidiary of the Company.