MITCON Consultancy & Engineering Services Limited has informed regarding Disclosure of material issue
MITCON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
MITCON's wholly owned subsidiary MITCON Sun Power Limited (MSPL) has signed Share Purchase Agreements to sell a 49% stake in its wholly owned subsidiary MITCON Impact Asset Management Private Limited (MIAMPL) for a total consideration of just Rs. 49,000 (4,900 equity shares at Rs. 10 each). Post-sale, MSPL's holding in MIAMPL will drop from 100% to 51%, while Mr. Suresh Goyal will hold 26% and Vaultustech India Private Limited will hold 23%. MIAMPL will stop being a wholly owned subsidiary but will remain a subsidiary of MSPL. MIAMPL contributed only Rs. 28.1 lakh in turnover (0.24% on consolidated basis) and Rs. 8.51 lakh in networth (0.06%) last year, making this a very small asset. The buyers are not related to the promoter group and the transaction is not a related party deal. Expected to complete within 15 working days, with the company stating the new partners are expected to boost MIAMPL's business operations.
Financially insignificant for MITCON shareholders given the negligible turnover and networth contribution of MIAMPL. No change in MITCON's or MSPL's shareholding, and MITCON retains control through MSPL's 51% stake. Investors should watch whether the new partners actually deliver on the promised operational boost, but the deal itself is unlikely to move the stock.