Pursuant to the provisions of Regulation 30 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform your good office that the Board of Directors ....
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Valencia Nutrition Ltd's board approved two related corporate actions. First, the company will dissolve Suryavathi Beverages, a partnership firm in which it holds 99% stake, and take over assets worth Rs. 91.77 lakh. Second, the company will sell these assets to its Wholly Owned Subsidiary, Valencia Beverages and Superwater Private Limited, via a slump sale for Rs. 1.5 crore as a going concern. The transaction is exempted from related party transaction norms as it involves a WOS. The rationale is internal restructuring for more efficient business management. The deal is expected to close within 15 days.
This is an internal group restructuring that consolidates assets within the wholly-owned subsidiary. The transaction does not change the shareholding pattern and has no direct impact on the parent company's revenue since the partnership firm had nil turnover. The Rs. 1.5 crore proceeds will be used as working capital.