Garware Technical Fibres to Sell Norway Branch to Wholly Owned Subsidiary for NOK 1.68 Million

Garware Technical Fibres Ltd has entered into an Agreement for Transfer of Business Undertaking dated June 25, 2025 to sell, transfer and vest all its rights, title and interest in and to the Business Undertaking together with all its assets and liabilities in its Norway Branch to its Wholly Owned Subsidiary in Norway. The consideration for the sale is NOK 1.68 Million, which will be discharged solely by the Buyer namely Garware Technical Fibres AS by issue of 8,75,084 shares of common stock of GTF AS, fully paid up, with a face value of NOK 1 per share and issued at NOK 1.92 per share including a premium of NOK 0.92 per share. The transaction is a related party transaction and is being carried out at consideration arrived at on arm length basis.