Kirloskar Electric Company Limited has informed the Exchange that, in continuation to our earlier intimation made vide Sect./100/2023-24 dated March 20, 2024 regarding entering into an Agreement to Sell for the proposed sale of Company s immovable property admeasuring 1.06 acre equivalent to 4,298 Sq. Mtrs of the converted land in Sy No. 88/B (old Sy No. 88), new property No. 88 /89 and PID No. 36/581 situated formerly at Rayanal Village, Hubli Taluk, now at Gokul Road, Hubli, Hubli Dharwad Municipal Corporation Ward No. 36, Hubli, Karnataka, today, the Company has entered into an addendum to the registered agreement to sell dated 20.03.2024.
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Awaiting price reaction for this filing.
Kirloskar Electric Company has signed an addendum to its earlier registered agreement to sell (dated March 20, 2024) for a piece of immovable property measuring 1.06 acres (4,298 sq. mtrs) located at Gokul Road, Hubli, Karnataka. This filing is a continuation/update of the original intimation made in March 2024 and indicates the property sale transaction is still moving forward. No financial details such as sale consideration, buyer name, or timeline for completion have been disclosed in this particular intimation. Shareholders will need to wait for further disclosures to know the deal value and the buyer's identity.
The deal appears to be progressing rather than being called off, which is mildly positive as it could bring in cash for the company, but with no price or buyer details disclosed, the actual impact on shareholders remains unclear until more information is shared.