Agreement to Sale of Plant located at Marihal, Karnataka.

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prior close

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announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.4%+1.7% vs market

Other Textile Products peers, median of 180sector+0.3%+1.8% vs sector

On the reaction day the stock moved 1.7 pts more than Nifty Microcap 250 and 1.8 pts more 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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UpDownMarket · Nifty Microcap 250Sector · Other Textile Products peers, median of 180Pending

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AI summary

Gokak Textiles has signed an agreement on September 9, 2025 to sell its knitwear manufacturing plant at Marihal, Belagavi, Karnataka, along with the 15.65-acre freehold land, to M/s V.G. Parekh & Co., a Karnataka-based real estate developer unrelated to the promoters. The agreed sale price is Rs. 19.50 crore, against a May 2025 valuation of Rs. 21.49 crore. The knitwear unit contributed only Rs. 505.47 lakhs (5.17%) of total revenue in FY25 and carried a negative net worth of Rs. (4,115.21) lakhs, making it a loss-making drag on the company (whose own net worth is deeply negative at Rs. (15,815.77) lakhs). The sale is expected to complete by January 2026 and requires shareholder approval via postal ballot under Section 180(1)(a) of the Companies Act, 2013.

Likely market impact

This is a non-core, value-draining asset sale that could help the company reduce liabilities and simplify operations, though the deal price is below the assessed value. Shareholders should watch the postal ballot outcome and January 2026 completion, as successful execution would be a modest positive step toward cleaning up a deeply negative balance sheet.