Outcome of Board Meeting held on 7th April, 2026 to Approve 1. proposal of sale of land 2. Notice of EGM
Awaiting price reaction for this filing.
Simplex Mills Company Ltd's Board approved a proposal to sell land pertaining to its closed Textile Plant located at Usha Nagar, Shivani, Akola, Maharashtra. The textile plant has been non-operational with zero revenue and zero profit in FY 2024-25. The company has negative net worth of Rs -34.78 million as of March 31, 2025. No sale agreement has been entered yet, and the transaction is subject to shareholder approval via an Extra-Ordinary General Meeting. The expected completion date is May 2026. The sale is outside any Scheme of Arrangement and is not a related party transaction.
This asset sale of a non-operational closed plant is unlikely to have significant positive impact on stock price given the plant contributes no revenue. Shareholders should evaluate whether the sale proceeds will help address the company's negative net worth situation.