Sale29 Jul 2025, 02:41 pm
Polychem Ltd. Announces Sale of Property by Subsidiary Gujarat Poly Electronics Limited to Tirex Transmission Private Limited
AI Summary
The Board of Directors of Polychem Ltd. has approved the sale of leasehold rights to a plot of land and ownership rights to a factory building by its subsidiary, Gujarat Poly Electronics Limited (GPEL), to Tirex Transmission Private Limited. The sale is expected to be completed after obtaining shareholder approval and provisional and final transfer orders from the Gujarat Industrial Development Corporation. The transaction is not a related party transaction and will be carried out on an arms' length basis. The sale is outside of any scheme of Arrangement and will be placed for consideration before the members of the Company and members of GPEL in an extraordinary general meeting on September 1, 2025.
Key Highlights
- Polychem Ltd.'s subsidiary, Gujarat Poly Electronics Limited, to sell leasehold rights to land and ownership rights to a factory building to Tirex Transmission Private Limited.
- The sale is expected to be completed after obtaining shareholder approval and transfer orders from the Gujarat Industrial Development Corporation.
- The transaction is not a related party transaction and will be carried out on an arms' length basis.
- The sale is outside of any scheme of Arrangement.
- An extraordinary general meeting will be held on September 1, 2025, to consider the transaction.