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KARUTURI GLOBAL LTD. - Clarifies on News item
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18 Feb 2015
With reference to the news item appearing on the web portal titled &quot;Florist and gift chain Florista&apos;s founders are buying back majority stake in the company from Karuturi Global. KGL is set to sell back its entire 53 percent stake in the company valued at Rs 35 crore&quot;, Karuturi Global Ltd has Clarified to BSE as under:&lt;BR&gt;&lt;BR&gt;&quot;(i). The proposal to disinvest 52.99% stake in Florista India Pvt Ltd was discussed in the Board Meeting held on 14th November 2014, and the Board had desired that the price and other terms be negotiated and action taken in this regard;&lt;BR&gt;&lt;BR&gt;(ii) The negotiations were conducted accordingly.&lt;BR&gt;&lt;BR&gt;(iii) The Share Purchase Agreement was signed on 8th January 2015.&lt;BR&gt;&lt;BR&gt;(iv) This action taken was reported to the Board at its meeting held on 14th February 2015 for its information and ratification.&lt;BR&gt;&lt;BR&gt;(v) This was reported to the Stock Exchanges as an outcome of the Board Meeting on 18th Feb 2015.&lt;BR&gt;&lt;BR&gt;Kindly note that &quot;Florista India Pvt Ltd&quot; was a non-material unlisted subsidiary company, and the said disinvestment was a business strategy which had no material impact on the existing business of the Company. The net worth and annual turnover of this subsidiary was less than 1% of our Company&apos;s net worth or annual turnover. Even then, as an abundant precaution, this was disclosed to the Stock Exchanges as an outcome of the Board Meeting.&lt;BR&gt;&lt;BR&gt;As regards the movement of the price of our scrip witnessed recently, to the best of our knowledge, the same could be attributed to the declaration of our 3rd Quarter results for the quarter ended 31st December 2014 as also the Consolidated Results for the year 2013-14.&quot;
View all announcements for KARUTURI GLOBAL LTD. Source: BSE India