Board Resolution for authrization for Slump Sale, Receipt of Funds, Execution of Property Documents and MOU Siging Related Documentation
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The Board of Galaxy Agrico Exports has approved a Slump Sale of its business for a total consideration of Rs 9.25 crore. The slump sale is currently in process and pending legal and regulatory procedures. After receiving the funds, the company plans to purchase a 3,030 square yard property in Mallepally, Hyderabad, at Rs 2,98,750 per square yard for business expansion. Director Abhay Vasantrao Galgate has been authorized to handle all documentation related to the slump sale, fund receipt, property purchase, and regulatory filings with SEBI, stock exchanges, and other authorities. The company will make necessary disclosures to BSE upon completion of the transaction.
This represents a significant restructuring where the company is divesting its existing business and redeploying proceeds into a new property asset, which could change the company's business profile. Shareholders should watch for completion updates as the deal could materially alter the company's operations and asset base.