Gravita India Limited has informed the Exchange about General Updates
GRAVITA · price
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Gravita India Limited has informed the stock exchanges about the voluntary closure of Gravita USA Inc., a step-down subsidiary held through Gravita Netherlands B.V. (100% owned). Gravita USA Inc. was not engaged in any business activity and contributed nil to the company's turnover. Its net worth stood at Rs. 5.77 crore, which is just 0.28% of the company's net worth. The closure process will be carried out in accordance with applicable laws, and the actual date of closure will be communicated separately. The company has stated this will not have any material financial impact on its books.
This is a minor housekeeping exercise with negligible financial impact since the subsidiary had no operations and contributed nothing to revenue. Shareholders are unlikely to see any meaningful effect on the stock price or company financials.