Kirloskar Oil Engines Limited has informed the Exchange regarding 'Announcement under Regulation 30 of SEBI LODR, 2015'.
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Kirloskar Oil Engines Limited informed the exchanges that its wholly owned subsidiary, La-Gajjar Machineries Private Limited (LGM), has approved the sale of its Cables, Wires & Pipes business. The business will be transferred via a slump sale on a going concern basis to M/s Vira Logistics, a partnership firm based in Rajkot, Gujarat. The aggregate consideration is Rs. 10.70 Crores, subject to closing adjustments. The transaction is expected to be completed by 30th June 2025, and the buyer is unrelated to the promoter or promoter group of LGM.
This is a small, non-core divestment from a subsidiary (LGM) of Kirloskar Oil Engines, and is unlikely to have any material impact on KOEL's consolidated financials or stock price. Shareholders should view it as routine portfolio cleanup of an unrelated segment.