Deals23 Mar 2024, 06:53 pm
Menon Bearings' Board Approves Transfer of Aluminium Division to Subsidiary for Rs. 20 Crores
AI Summary
The Board of Directors of Menon Bearings Ltd. held a meeting on 23rd March 2024, where they approved the proposal to transfer the Aluminium Division of the company to Menon Alkop Limited (MAL), a wholly owned subsidiary, through a Slump Sale for an overall consideration of Rs. 20 crores. The MAL will issue 8,25,00,000 equity shares to the Company in return. The Board has also decided to seek shareholders' approval for this transaction through a postal ballot process.
Key Highlights
- Approval of transfer of Aluminium Division to Menon Alkop Limited
- Slump Sale for overall consideration of Rs. 20 crores
- Equity shares worth Rs. 1.42 per share to be issued by MAL to the Company