Indian Card Clothing Company Ltd. Announces Property Sale, Loan Extension, and Investment

Indian Card Clothing Company Ltd. has announced several key activities during its recent Board meeting. The company has approved the sale of a commercial property in Coimbatore, Tamil Nadu, for a minimum consideration of 11,01,00,000/- (Rupees Eleven Crore One Lakh Only) to Mrs. Manisha Khemka jointly with Mr. Yash Khemka. The company also approved a loan of Rs. 10,00,00,000/- (Rupees Ten Crores Only) to Shriji Procon LLP for managing its working capital requirements. Additionally, the company has agreed to acquire 5 commercial units in a Commercial Building known as 'Jangid Trinity' in Mumbai from Jangid Construction Pvt. Ltd. for an aggregate consideration not exceeding Rs. 15,49,00,000/- (Rupees Fifteen Crores Forty-Nine Lakhs Only). Lastly, the company will invest Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) in CFM Asset Reconstruction Private Limited by subscribing to its Compulsory Convertible Preference Shares (CCPS). These transactions do not fall under the ambit of Related Party Transactions.