Pursuant to Regulation 30(4) read with Clause 5 of Para B of Part A of Schedule III of SEBI LODR and in accordance with the Company''s Policy on Disclosure of Material Events or Information, ....
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Awaiting price reaction for this filing.
Kemp & Company Ltd has entered into a binding agreement to purchase an immovable property named 'VIP House' located at Prabhadevi, Mumbai from VIP Industries Limited. The purchase price is Rs. 40.71 crores on an 'as is where is' basis and is subject to shareholder approval. Kemp & Company is part of the Promoter Group of VIP Industries, holding 0.23% stake (33.53 lakh equity shares) in VIP Industries, making this a material related party transaction. The company has confirmed that the transaction is being carried out at arm's length.
The transaction is relatively small for VIP Industries but represents a significant real estate acquisition for Kemp & Company. As it requires shareholder approval, the deal is not yet concluded. Shareholders should note the related-party nature and review the arm's length justification before voting.