Madhav Renewables will buy the solar business by way of slump sale through BTA.
Madhav Infra Projects Limited will sell its Solar Business undertaking to its wholly own subsidiary Madhav Renewables Private Limited (MRPL) by way of slump sale through business transfer agreement (BTA).
“We wish to inform you that Subject to receipt of requisite approvals, the Board of Directors of Company in its meeting held on September 15, 2020, for focused growth of its Solar business in Roorkee at Uttrakhand, has approved sale of Solar Business undertaking being part of solar division of Company, to its wholly own subsidiary MRPL by way of slump sale through business transfer agreement or slump sale agreement to be executed between the company,” Madhav Infra informed the exchanges on Tuesday.
It further added that the company’s income from Solar Projects for FY2019-20 is Rs13.92cr (6.08% of being Revenue/Income of Company). Its Net-worth (based on gross value of assets) relating to Solar Projects as on March 31, 2020 is Rs9.50cr (6 .74% of Net Worth of Company). Net worth of the company as on March 31, 2020 is Rs140.90cr.
The company stock is trading at Rs5.50, up Rs0.13 or 2.42% than previous closing of Rs5.37 on the BSE.