30-Jun-2026 20:00:09
HINDCOMPOSAcquisition and merger
HINDUSTAN COMPOSITES LTD.: SALE OF FRICTION BUSINESS APPROVED
• Board of Directors approved the transfer of its 'Friction Business Undertaking' to Rane (Madras) Limited. • The sale is on a slump sale basis for a lump sum cash consideration of ₹370 Cr. • This transaction is subject to shareholders' approval via postal ballot process. • The sale represents 84% of the company's turnover for the financial year ended March 31, 2026. • The Friction Business Undertaking had a networth of ₹69.52 Cr as of March 31, 2026. • Completion of the transfer is expected by September 30, 2026, subject to closing conditions.
Hindustan Composites Ltd
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