Deals19 Jun 2025, 07:27 pm
Kirloskar Oil Engines Subsidiary, La-Gajjar Machineries, Approves Slump Sale of Cables, Wires & Pipes Business to Vira Logistics for Rs. 10.70 Crores
AI Summary
Kirloskar Oil Engines Ltd. announced that the Board of Directors of its wholly owned subsidiary, La-Gajjar Machineries Private Limited (LGM), has approved the proposal for sale and transfer of its Cables, Wires & Pipes business to M/s Vira Logistics, a partnership firm, for an aggregate consideration of Rs. 10.70 Crores. The slump sale, which is expected to be completed by 30th June 2025 or a mutually agreed date, is not related to the promoter/promoter group of LGM. The transaction is in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including amendments thereunder.
Key Highlights
- La-Gajjar Machineries Private Limited, a wholly owned subsidiary of Kirloskar Oil Engines Ltd, is selling its Cables, Wires & Pipes business.
- The business is being sold to M/s Vira Logistics, a partnership firm, for a consideration of Rs. 10.70 Crores.
- The slump sale is expected to be completed by 30th June 2025 or a mutually agreed date.
- The Buyer is not related to the promoter/promoter group of LGM.
- The transaction is in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.