ISMT/SEC/22-23 | December 9, 2022 |
Listing Department | Listing Department |
BSE Ltd | National Stock Exchange of India Ltd |
PJ Towers, | Exchange Plaza, Plot No. C/1, G Block, |
Dalal Street, Fort, | BKC, Bandra (E), |
Mumbai - 400 001 | Mumbai - 400 051 |
Scrip Code: 532479 | Symbol: ISMTLTD |
Dear Sirs, |
Sub.: Intimation under Regulation 30 of the SEBI (LODR) Regulations, 2015 ("Listing Regulations") - Sale of the Captive Power Plant of the Company
Pursuant to the provisions of Regulation 30 of the Listing Regulations, we wish to inform that the Company has entered into a Business Transfer Agreement, for sale of the 40 MW Captive Power Plant of the Company ("CPP") on a slump sale basis.
The details, as required under Regulation 30 of the Listing Regulations is enclosed as Annexure - I.
Kindly take a note of the same.
Thanking you,
Yours faithfully,
For ISMT Limited
CHETAN | Digitally signed by |
CHETAN MANOHAR | |
MANOHAR NATHANI | |
NATHANI | Date: 2022.12.09 |
22:54:10 +05'30' |
Chetan Nathani
Company Secretary
Encl.: As above
E-mail: secretarial@ismt.co.in
Annexure - I | ||||||||||||
Sr. No. | Particulars | Disclosure | ||||||||||
a) | Amount & percentage | Not Applicable. | ||||||||||
of | turnover/ | revenue/ | ||||||||||
income/ | net | worth | CPP was non operational since April 1, 2014. | |||||||||
contributed | by | CPP | ||||||||||
during | last | financial | ||||||||||
year | ||||||||||||
b) | Date | on | which the | December 9, 2022 (Business Transfer Agreement) | ||||||||
agreement for sale has | ||||||||||||
been entered into | ||||||||||||
c) | Expected | date | of | |||||||||
completion | of | sale/ | February 26, 2023 | |||||||||
disposal | ||||||||||||
d) | Consideration received | Rs. 65.71 Crore | ||||||||||
from such sale/disposal | ||||||||||||
e) | Brief | details of buyer | Buyer is Omsairam Steels and Alloys Private Limited, a private | |||||||||
& whether they belong | limited company having its registered office at Jalna, Maharashtra. | |||||||||||
to | promoter/ | promoter | The Buyer does not belong to the promoter/ promoter group/ group | |||||||||
group/group | ||||||||||||
companies | companies of the Company | |||||||||||
f) | Whether | transaction | No | |||||||||
falls | within | related | ||||||||||
party transactions? | ||||||||||||
g) | ||||||||||||
Name | of | entities | Buyer: Omsairam Steels and Alloys Private Limited, a private | |||||||||
forming | part | of | the | limited company having its registered office at Jalna, Maharashtra. | ||||||||
transaction, | details in | Seller: ISMT Limited, a public limited company having its registered | ||||||||||
brief viz. size, turnover | ||||||||||||
office at Pune, Maharashtra. | (Rs. in Crore) | |||||||||||
Particulars (FY2021-22) | Buyer | Seller | ||||||||||
Turnover | 1,318.26 | 2,152.54 | ||||||||||
Net-worth | 226.79 | 1,415.78 | ||||||||||
Area of business of the | Buyer: Omsairam Steels and | Alloys Private | Limited is engaged in | |||||||||
entities | manufacturing of TMT Bars and Billets. | |||||||||||
Seller: ISMT Limited is engaged in manufacturing of steel, alloys & | ||||||||||||
metal tubes. | ||||||||||||
Rationale | for | slump | The sale of CPP will strengthen the Balance Sheet/ financial position | |||||||||
sale | of the Company as CPP is non operational and will also help reduce | |||||||||||
the annual operating cost that is incurred by the Company to keep | ||||||||||||
CPP in working condition. | ||||||||||||
In | case | of | cash | Cash consideration as specified in point d) above. | ||||||||
consideration - amount | ||||||||||||
or otherwise | ||||||||||||
Brief details of change | There will not be any change in the shareholding pattern of the | |||||||||||
in shareholding pattern | Company. | |||||||||||
(if any) of listed entity. |
E-mail: secretarial@ismt.co.in
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ISMT Limited published this content on 09 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2022 19:02:09 UTC.