Paul Merchants Ltd Subsidiary Slump Sells Gold Loan Business Undertaking for Rs. 77 Crores

Paul Merchants Ltd has announced the slump sale of the 'Gold Loan Business Undertaking' by its subsidiary, Paul Merchants Finance Private Limited (PMFPL), to L&T Finance Limited. The second tranche consideration under the Business Transfer Agreement (BTA) is Rs. 77,49,26,164 (Seventy-seven Crore Forty-nine Lakh Twenty-six Thousand One Hundred Sixty four Rupees only). Out of this amount, an amount of Rs. 1,21,22,776 (Rupees One Crore Twenty One Lakhs Twenty Two Thousand Seven Hundred and Seventy Six Only) on account of depreciation, has been kept in abeyance by the Acquirer. Additionally, Rs. 15 Crore has been retained by the Acquirer as Retained Amount. The balance amount of Rs. 61,28,03,388 (Rupees Sixty-One Crores Twenty Eight Lakhs Three Thousand Three Hundred and Eight Only) has been received by PMFPL.