Announcement under reg 30 of SEBI (LODR) reg 2015 1. Approval of proposal 2. approval of Notice of EGM
Awaiting price reaction for this filing.
Simplex Mills Company Ltd's Board of Directors has approved a proposal to sell, transfer or dispose of land pertaining to a closed Textile Plant located at Plot No 16, Usha Nagar, Shivani, Akola, Maharashtra. The plant has been non-operational with zero revenue and zero profit in FY 2024-25. The company's net worth stands at negative Rs 34.78 lakh as of March 2025. An Extra-Ordinary General Meeting will be convened to seek shareholder approval for this transaction. No buyer agreement has been signed yet, and the deal is expected to close by May 2026. The transaction is not a slump sale and does not involve related parties.
Sale of non-operational assets may help reduce debt and improve balance sheet for this loss-making textile company. Shareholders will vote on the proposal at the EGM.