Super Spinning Mills Limited has informed the Exchange about General Updates
SUPERSPIN · price
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Awaiting price reaction for this filing.
The Board of Directors of Super Spinning Mills Limited, at its meeting held on 29th August 2025, approved the sale of its land and building situated at 'Elgi Towers', Puliakulam Road, Coimbatore, in two parts. The first parcel of 17.14 cents will be sold to Mr. Sumanth Ramamurthi, the Promoter of the Company. The second parcel of 4.28 cents will be sold to Elgi Electric and Industries Limited, a company belonging to the Promoter Group. Both transactions are classified as material related party transactions and require shareholder approval. The Board has decided to seek this approval through a Postal Ballot, the notice for which will be filed with the stock exchanges in due course.
The company is divesting real estate assets to related parties (promoter and promoter group), which may raise governance concerns among minority shareholders. Shareholders should watch for the Postal Ballot notice and evaluate whether the sale price and terms are fair. The stock price impact is likely limited as this involves non-core property, not the spinning business operations.