Majestic Auto sells SHPL for ₹105.43 Cr, gains ₹29.28 Cr

Majestic Auto Ltd has completed the transfer of all securities of Sharan Hospitality Private Limited (SHPL) to NovumLake Property Fund and 360 ONE Real Assets Advantage Fund for an aggregate consideration of ₹1,05,42,80,536. Concurrently, SHPL repaid an Inter-Corporate Deposit of ₹29,28,00,000 to Majestic Auto. As a result, SHPL has ceased to be a wholly-owned subsidiary of Majestic Auto Ltd. The transaction has led to a pre-tax gain of approximately ₹29,28,00,000 for the company, marking the completion of the entire transaction envisaged under the Resolution Plan.