Cybele Industries Ltd sells non-core assets worth INR 24.82 Crores

Cybele Industries Ltd has sold its land properties situated at Edoor Village, Gummidipoondi taluk, Thiruvallur District, Tamil Nadu State. The sale was effected in pursuance of the resolution passed by the shareholders under Section 180(1)(a) of the Companies Act, 2013. The total consideration received from the sale is INR 24,81,60,500. The buyers of the property belong to the promoter/ promoter group/group companies, with M/s. Smith Structures India Pvt. Ltd. having a directorship/shareholding connection with the Company. The sale is outside the Scheme of Arrangement and the approval was obtained through a resolution under Section 180 (1) (a) of the Companies Act, 2013.