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Awaiting price reaction for this filing.
Bombay Wire Ropes Limited has issued a postal ballot notice seeking shareholder approval for two resolutions. The first is a special resolution to sell its 1,340 sq. ft. office premises at Jolly Bhavan, New Marine Lines, Mumbai, to its related party The New Great Eastern Spinning and Weaving Company Limited (NGE) for a lump sum consideration of Rs. 5.15 crores, which is the higher of two independent valuations. The second is an ordinary resolution to take back 250 sq. ft. of the same premises on a 3-year leave and license basis from NGE at Rs. 75,000 per month (from April 2026 to March 2029) so the company can continue using it as its registered office. The company has had no meaningful business since shutting down wire rope manufacturing in March 1995 and now wants to monetize its non-core asset and park the proceeds in suitable investments. NGE will also bear the stamp duty on the sale, saving the company brokerage costs.
Shareholders will receive Rs. 5.15 crores of cash from a sale to a promoter group entity, which the company plans to invest in financial instruments rather than deploy in operations — signaling no near-term return to active business. The back-to-back license keeps the company's registered office unchanged, so there is no disruption. Small shareholders may want to scrutinize pricing fairness since this is a material related party transaction (about 25% of NGE's standalone turnover); the valuation is supported by two independent valuers and Audit Committee approval.