Intimation for sale of 10% equity stake of EKI Sustainability Services Private Limited wholly owned subsidiary of the Company
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Awaiting price reaction for this filing.
EKI Energy Services' board approved selling a 10% equity stake in its wholly owned subsidiary, EKI Sustainability Services Pvt Ltd, to its Chairman and Managing Director, Mr. Manish Kumar Dabkara, for a total consideration of INR 2,35,600. The subsidiary had zero revenue in FY25 and a net worth of just INR 23.55 lakhs, which is only 0.05% of the company's consolidated net worth. The transaction is a related party deal but has been carried out at arm's length pricing, and is expected to complete by June 30, 2025. After the sale, EKI Sustainability Services will no longer be a wholly owned subsidiary but will continue to remain a subsidiary of the company.
This is a very small, largely symbolic transaction involving a non-revenue generating subsidiary worth less than 0.1% of consolidated net worth, so it is unlikely to have any meaningful impact on shareholders or the stock price.