Disclosure under Regulation 30 of SEBI LODR Regulations, 2015.
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Brady & Morris Engineering Company has executed a Deed of Surrender with Brady Estates Private Limited, a related party controlled by the company's directors and their relatives. Under this agreement, Brady Estates will surrender its possessory rights in the office property located at 1/447, Brady Gladys Plaza, Unit No. 1, Lower Parel (W), Mumbai, in exchange for a total consideration of Rs. 7.41 crores. After the surrender, the property will revert fully to Brady & Morris as the sole owner, free from any claims or liabilities. The transaction qualifies as a related party transaction and has been carried out at arm's length.
This is a positive development for shareholders as the company consolidates full ownership of its Mumbai office property, ending a shared/encumbered ownership arrangement with a promoter-related entity. The Rs. 7.41 crore outflow is a one-time payment for asset clarity, with no impact expected on management control or day-to-day operations.