Board to consider asset sale and possible divestment on July 22

Nilachal Refractories board meets on July 22 to consider selling, transferring or monetising its assets, including plant, machinery, equipment and possibly the entire business undertaking. Options on the table include Business Transfer Agreement, Asset Purchase Agreement, slump sale or scrap sale. If the deal qualifies as disposal of substantially the whole undertaking under Section 180 of the Companies Act, shareholder approval will be sought at an Extra-Ordinary General Meeting, possibly on shorter notice.