Polychem Ltd. Announces Sale of Property by Subsidiary Gujarat Poly Electronics Limited to Tirex Transmission Private Limited

Polychem Ltd. announced that the board of directors has approved the sale of leasehold rights to a plot of land and ownership rights to a factory building by their material subsidiary, Gujarat Poly Electronics Limited (GPEL), to Tirex Transmission Private Limited. The property, located at Plot No. B-18, Gandhinagar Electronic Estate, measures 12,022.40 square metres. The sale is expected to be completed once approvals from shareholders and the Gujarat Industrial Development Corporation (GIDC) are obtained. The sale price is Rs. 29,00,00,000. Tirex Transmission Private Limited does not belong to the promoter/promoter group/group companies. The transaction will be carried out on an arms' length basis and is not part of any scheme of arrangement.