Corrigendum on the Outcome of the Board Meeting held on 24.04.2025
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Awaiting price reaction for this filing.
Jayshree Chemicals Ltd is selling its entire wind mill division (wind power generation) to M/s Vaishnav Wind Infra Pvt. Ltd. on a slump sale basis for a lump-sum consideration of ₹276 lakhs. The wind mill division contributed a massive 96% of the company's turnover (₹1,619.20 lakhs) and 27% of its networth (₹274.08 lakhs) in the last financial year. The term sheet was signed on April 24, 2025, and the sale is expected to be completed by June 2025, subject to shareholder approval at the upcoming AGM. The buyer is an unrelated third party, so no related party transaction rules apply. The company plans to use the sale proceeds to expand its core chemical trading business, reduce overheads, and meet working capital needs.
This is a significant restructuring move — the company is exiting a business that generates 96% of its revenue, which may raise concerns about future earnings even though management frames it as a strategic pivot to focus on chemicals. Shareholders will have a vote on this at the AGM, and the stock could see volatility given the scale of the divestment relative to company size.