Intimation regarding approval received from Madhya Pradesh Government.
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On the reaction day the stock moved 8.6 pts more than Nifty Microcap 250 and 9.3 pts more than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Kesar Terminals & Infrastructure has received approval from the Madhya Pradesh Government to sell its 100% stake in wholly owned subsidiary Kesar Multimodal Logistics Limited to DP World Multimodal Logistics Pvt Ltd. The subsidiary operates in the multimodal logistics space. The deal is still subject to certain conditions precedent and additional approvals as per the Share Subscription & Share Purchase Agreement (SSPA) dated 11 September 2003. This is a regulatory/state-level approval, and the transaction has not yet been fully consummated.
If completed, this divestment removes the multimodal logistics subsidiary from the company's portfolio and could bring in cash from DP World, a global logistics major. Shareholders should watch for further updates on completion and use of proceeds, as the deal still needs to clear remaining conditions.