Intimation under regulation 30 of the SEBI (LODR) Regulations, 2015 for completion of sale of N.A. Industrial Land & Building of the Textile Division Situated at Palsana.
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Awaiting price reaction for this filing.
Prashant India Ltd has completed the sale of its N.A. Industrial Land & Building of the Textile Division at Palsana, registering the sale deed on 17 July 2025 in favor of M/s Shantilon Poly Private Limited. The total consideration is Rs. 10 crore, with Rs. 1 crore received on 31 March 2025 and the remaining Rs. 9 crore received in tranches prior to deed registration. The transaction is a related party deal — the buyer's directors belong to the company's promoter group — and was carried out at arm's length basis with shareholder approval obtained at the AGM on 28 June 2025. Notably, the textile division contributed zero revenue and had a negative net worth of approximately Rs. 21.96 crore, making this essentially an exit from a non-performing asset.
The sale brings in Rs. 10 crore of cash and removes a loss-making division (negative net worth ~Rs. 22 crore) from the company's books, which should be modestly positive for shareholders. However, since the related-party buyer is linked to the promoter group, investors may want clarity on how the proceeds will be deployed.