W S Industries (I) Limited has informed the Exchange regarding 'Outcome of Board Meeting under Regulation 30'.
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W.S. Industries (India) Limited's Board of Directors has approved the mutual surrender and termination of a lease agreement with M/s. Aarnav Business Park, along with the sale and transfer of the company's vacant industrial land located at Shettigere Village near Bengaluru. The land measures approximately 2,365.38 sq. meters (25,460.75 sq. feet). The transaction will fetch the company a consideration of not less than ₹6.04 crores. The buyer, Aarnav Business Park, is not part of the promoter or group companies, and the transaction does not qualify as a related party transaction. Shareholder approval is not required as the land does not constitute an 'undertaking' under the Companies Act. The deal is expected to close upon execution and registration of necessary documents.
The sale of this vacant industrial land will bring in ₹6.04 crore in cash for the company, providing liquidity. This is a positive asset monetization move, though the transaction size is modest relative to the company's scale.