Facor Alloys Ltd. Signs MoU for Asset Sale to M/s. Rawmat Mining and Minerals

Facor Alloys Ltd. has executed a non-binding Memorandum of Understanding (MoU) with M/s. Rawmat Mining and Minerals for the proposed sale of certain assets. The sale is outside the scope of a Scheme of Arrangement and is being undertaken to meet pressing and unavoidable liabilities. The amount and percentage of turnover contribution cannot be determined as the manufacturing facilities have been under shutdown since 31st October 2023. The expected date of completion of sale is not specified. M/s. Rawmat Mining and Minerals is not related to the promoter/promoter group. The Company is seeking shareholders’ approval under Section 180 of the Companies Act, 2013, and Regulation 37A of SEBI (LODR) Regulations through a postal ballot.