Board approves sale of 17.92 acre land for Rs 2.15 crore

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-4.9%Reaction day

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Nifty Microcap 250market · in no size index; the smallest one is used+1.3%-6.2% vs market

Other Textile Products peers, median of 184sector+0.8%-5.7% vs sector

On the reaction day the stock moved 6.2 pts less than Nifty Microcap 250 and 5.7 pts less 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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AI summary

Board of Sri Nachammai Cotton Mills approved selling 17.92 acres of land at K Krishnapuram Village, Tiruppur District to M/s Vanam Realty and Farmlands for Rs 2.15 crore. The buyer is a related party, so the deal must follow related party transaction rules. The audit committee recommended the sale. The company says this is not a sale of the whole business, so no shareholder vote is required.

Likely market impact

Land sale to a related party for Rs 2.15 crore. Brings in cash but requires extra approvals and disclosure under related party rules.