Garware Technical Fibres Limited has informed the Exchange about Garware Technical Fibres Limited (the "Company") has entered into an Agreement for Transfer of Business Undertaking dated June 25, 2025 to sell, transfer and vest all its rights, title and interest in and to the Business Undertaking together with all its assets and liabilities in its Norway Branch namely Garware Technical Fibres NUF to its Wholly Owned Subsidiary in Norway namely Garware Technical Fibres AS.
GARFIBRES · price
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On the reaction day the stock moved 0.3 pts less than Nifty Microcap 250 and 0.2 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Garware Technical Fibres has signed an agreement to transfer its Norway Branch (Garware Technical Fibres NUF) to its newly incorporated wholly owned subsidiary in Norway, Garware Technical Fibres AS. The Norway Branch contributed Rs. 9,225 lakhs (6.20%) of the company's turnover and Rs. 134 lakhs (0.11%) of its net worth in FY25. The consideration of NOK 1.68 Million will be discharged through the issuance of 8,75,084 equity shares of the new subsidiary at NOK 1.92 per share (including a premium of NOK 0.92). The transaction is a related-party deal done at arm's length, supported by a valuation report from M/s RSJM & Associates LLP. Completion is expected by July 31, 2025, and there will be no change in the listed company's shareholding pattern.
This is essentially an internal restructuring to convert the Norway branch into a locally domiciled subsidiary for better operational and legal structure. Since the buyer is a wholly owned subsidiary, the economic interest of shareholders remains unchanged, and the impact on the stock is likely to be neutral.