CG POWER AND INDUSTRIAL SOLUTIONS LTD - Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

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CG Power and Industrial Solutions Ltd - Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

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18 Oct 2021
The Company had entered into an Agreement for Sale dated 28th October 2015 with M/s. Evie Real Estate Private Limited (''Buyer'') for sale of Company''s property at Kanjurmarg, and the sale of the said property was to be completed by 27th December, 2019.<BR> However, the sale transaction could not be completed before the "Closing Date" under the agreement, due to various developments that took place in the Company, giving rise to<BR> claims and counter claims between the parties.<BR> The Company, under the new management, has since discussed with the Buyer for completion of the transaction, reached settlement and has signed a binding term sheet on 16th October 2021. As per the term sheet signed with the Buyer, the sale consideration has been fixed at Rs.382 Crore, in addition to a repayment of Rs.20 crores of deposit, under<BR> dispute. The transaction is scheduled to be completed on or before 31st March, 2022 (Long Stop Date).<BR> We request you to take above on record.
View all announcements for CG Power and Industrial Solutions Ltd	Source: BSE India

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