Hindustan Composites Shareholders Approve Friction Business Sale for ₹370 Cr

Hindustan Composites Ltd announced that its shareholders have approved the sale of its Friction Business Undertaking on a slump sale basis. The transaction, which received special resolution approval via postal ballot, is expected to be completed by September 30, 2026. The Friction Business contributed INR 315.04 crores (84%) to the company's turnover in FY26, with a net worth of INR 69.52 crores (7.50%). The sale consideration is INR 370 crore in cash, subject to adjustments. The buyer is Rane (Madras) Limited, and the transaction is not a related party transaction. This sale falls under Section 180(1)(a) of the Companies Act, 2013, and Regulation 37A of SEBI LODR Regulations.