Announcement under regulation 30 for execution of Banakhat for purchase of property from promoter
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Archit Organosys has signed a Banakhat (advance property agreement) to buy land in Bhavnagar, Gujarat, from Shri Kandarp Krishnakant Amin, the company's Chairman, Whole Time Director and Promoter. The land is located at Survey/Block No. 41, Kala Talav, Bhavnagar. The total deal value is Rs. 10.51 crore. The transaction has been approved by the Audit Committee and the Board of Directors, in line with SEBI's related party transaction rules. The final sale/conveyance deed is yet to be executed and will be intimated separately to the stock exchange.
This is a related-party transaction worth Rs. 10.51 crore, so shareholders should track whether the valuation is fair and at arm's length. The use of the land and whether it supports business expansion will be key points to watch once further details are disclosed.