Disclosure pursuant to Regulation 30 & Part A of Schedule III of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (Listing Regulations) read with its amendments, ....
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On the reaction day the stock moved 5.3 pts less than Nifty Microcap 250 and 5.3 pts less than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Parle Industries has terminated its Share Purchase Agreement (SPA) with Welldone Integrated Services Private Limited (WISPL) and Marvelous Vickyfoods Private Limited (MVPL), accusing them of wilful material breach. The two companies had failed to hand over share certificates that would have made them wholly-owned subsidiaries of Parle Industries. As a consequence, neither WISPL nor MVPL will become subsidiaries of the company. The disclosure was made under SEBI Listing Regulations to keep the stock exchanges informed of this material development.
This is a setback for Parle Industries' inorganic growth plans, as the two targeted acquisitions will no longer materialise. Shareholders should note that any anticipated benefits from making these companies subsidiaries — such as consolidated revenues or synergies — will not accrue. The stock may see a negative reaction depending on how material these acquisitions were expected to be.