Divestment20 Aug 2026, 09:50 pm
Hindustan Composites Completes Slump Sale of Friction Business
AI Summary
Hindustan Composites Ltd has completed the slump sale of its Friction Business Undertaking to Rane (Madras) Limited (RML) effective August 20, 2026. This transaction, in accordance with the Business Transfer Agreement (BTA) dated June 30, 2026, involves the transfer of several Senior Management Personnel (SMPs) to RML. Additionally, Mr. Pawan Kumar Choudhary has resigned as Managing Director and Key Managerial Personnel (KMP) effective August 20, 2026, to facilitate his transfer to RML, though he remains a Non-Executive Director. Consequently, he also ceases to be the authorized person for stock exchange disclosures under Regulation 30(5).
Key Highlights
- Slump sale of Friction Business Undertaking to Rane (Madras) Limited completed.
- Transfer of key Senior Management Personnel to RML effective August 20, 2026.
- Managing Director resigns to facilitate transfer to RML, remains Non-Executive Director.
- Company completes a significant divestment of a business unit.
- Changes in KMP and authorized personnel for disclosures.
Price Impact
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