Gujarat Poly Electronics Ltd. Approves Sale of Property to Tirex Transmission and Increases Loan Limits
Gujarat Poly Electronics Ltd. (GPEL) has approved the sale of its property, which includes leasehold rights to a plot of land and ownership rights to a factory building, to Tirex Transmission Private Limited. The property is collectively referred to as 'Property'. The sale is subject to statutory approvals from the Gujarat Industrial Development Corporation (GIDC) and consent from shareholders. The board also approved an increase in the limits for granting loans, making investments, giving guarantees, or providing securities from INR 35 Crores to INR 60 Crores. Additionally, the company has reached an arrangement with Tirex for continued use of a specified area of the Property for its registered office and business operations for a transitional period.
Key Highlights
- Gujarat Poly Electronics Ltd. has approved the sale of its property to Tirex Transmission Private Limited.
- The sale is subject to statutory approvals from the Gujarat Industrial Development Corporation (GIDC) and consent from shareholders.
- The board approved an increase in the limits for granting loans, making investments, giving guarantees, or providing securities from INR 35 Crores to INR 60 Crores.
- The company has reached an arrangement with Tirex for continued use of a specified area of the Property for its registered office and business operations for a transitional period.