Intimation under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 - Update on sale of Company''s land at Thane
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Awaiting price reaction for this filing.
Uni Abex Alloy Products has informed that a marginal 2,520 sq metre plot of its Thane land has been compulsorily acquired by the Mumbai Metropolitan Region Development Authority (MMRDA) for the Thane-Borivali underground tunnel project. The company will receive approximately Rs. 22.32 crores as compensation under the Land Acquisition Act, 2013. However, the company plans to contest the compensation amount, stating it is dissatisfied with the valuation methodology used by MMRDA. The net worth impact of this land is negligible at just 0.006% of the company's net worth, and it is not a related-party transaction.
This is a small, non-core compulsory land acquisition by a government authority with modest financial impact (Rs. 22.32 crores). It should have minimal effect on the company's operations or financials, though the outcome of the company's challenge to the compensation amount could modestly increase proceeds if successful.