Veritas (India) Ltd. Announces In-Principle Approval for Transfer of Assets and Liabilities Worth USD 130 Million and USD 80 Million Respectively

Veritas (India) Ltd. has announced that its Board of Directors has in-principally approved the transfer/disposal of certain assets and liabilities of its subsidiary, Verasco FZE, to Inergy FZE, Sharjah, UAE. The total assets to be transferred amount to USD 130 million (equivalent to Rs. 1170 Crores), while the liabilities amount to USD 80 million (equivalent to Rs. 720 Crores). The base consideration for this transfer is USD 50 million (equivalent to Rs. 450 Crores). This approval is subject to the approval of the shareholders, to be obtained by way of passing a Special Resolution through Postal Ballot, as Verasco FZE is a material subsidiary. The transaction is subject to the execution of definitive agreements and completion of applicable regulatory and statutory requirements. The Board also approved the circulation of the Postal Ballot Notice in connection with the above.