Jindal Worldwide Limited has informed the Exchange about General Updates
JINDWORLD · price
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Jindal Worldwide Limited has sold 51% of its stake in its wholly-owned subsidiary Goodcore Spintex Private Limited for Rs. 12.75 crore, reducing its holding from 100% to 49%. The buyer is Mr. Yamunadutt Amilal Agarwal, who is the Promoter of the company, making this a related party transaction conducted at arm's length. Goodcore Spintex contributed 11.02% of consolidated turnover (Rs. 252.37 crore) and 10.59% of consolidated profit (Rs. 8.03 crore) in FY25. Post-sale, Goodcore Spintex will cease to be a wholly-owned subsidiary and will become an associate company of Jindal Worldwide.
Shareholders should note that a significant subsidiary generating over 10% of consolidated revenue and profits has been sold to the Promoter at arm's length, which will reduce consolidated revenue and earnings going forward but brings in Rs. 12.75 crore of cash. The related-party nature of the deal may draw scrutiny from minority investors.