Please find enclosed disclosure under regulation 30 of SEBI LODR 2015 in relation to completion of transactions under Share Subscription and Share Purchase Agreement.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Kesar Terminals & Infrastructure has completed the sale of its entire 100% equity and preference stake in wholly owned subsidiary Kesar Multimodal Logistics Ltd (KMLL) to DP World Multimodal Logistics Pvt Ltd, under a Share Subscription and Share Purchase Agreement originally signed on September 11, 2023. As part of the deal, the bank dues of KMLL have been paid off, extinguishing Kesar Terminals' corporate guarantee liability on those borrowings, with only a small non-fund based facility left to be cleared by DP World. The company has received its consideration and is now free of KMLL's liabilities, allowing it to focus on its core terminal infrastructure business and plan expansion across India.
This is a positive development for shareholders — the company has successfully exited a non-core subsidiary, collected its sale proceeds, and shed the contingent liability of being a guarantor for KMLL's bank borrowings. The freed-up cash and clean balance sheet position the company to fund expansion in its core terminals business, which should be viewed favourably by the market.