Sale16 Jul 2025, 05:31 am
Konark Synthetic Ltd Completes Sale of Property to Amar Texoweaves LLP for Rs. 7 Crores
AI Summary
Konark Synthetic Ltd has completed the sale of its property situated at Silvassa Industrial Co-op. Society to M/s. Amar Texoweaves LLP for a total consideration of Rs. 7 Crores. The sale was approved by the shareholders in their meeting held on May 15, 2025. The proceeds from the sale will be primarily used to repay existing borrowings and interest obligations, thereby improving the company's debt-to-equity ratio and reducing finance costs.
Key Highlights
- Konark Synthetic Ltd has sold its property to M/s. Amar Texoweaves LLP for Rs. 7 Crores.
- The sale was approved by the shareholders in their meeting held on May 15, 2025.
- The proceeds from the sale will be primarily used to repay existing borrowings and interest obligations.
- The sale is expected to improve the company's debt-to-equity ratio and reduce finance costs.
- The property is currently underutilized and the sale is part of the company's strategic focus on operational efficiency and financial prudence.