Board approves sale of Navi Mumbai factory, shifts registered office
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 5.6 pts more than Nifty Microcap 250 and 4.4 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Board has in-principle approved sale of the Navi Mumbai factory premises with land and building. This facility contributes about Rs 20 crore (around 25 percent) of total annual turnover of Rs 84.54 crore. No buyer has been finalized yet. Manufacturing is shifting to a new, larger facility in Gujarat, and sale proceeds will fund this new plant, capex, and general corporate purposes. The sale needs shareholder approval via special resolution. Board also approved shifting the registered office from Navi Mumbai to Chembur, Mumbai (both in Maharashtra).
Sale of a 25 percent revenue-generating asset to fund Gujarat plant expansion. Watch for buyer details, valuation, and approval timeline.