India’s SP Apparels Ltd has decided to sell its retail division on a slump sale/going concern basis to SP Retail Brands Ltd, an independent firm promoted by strategic investors along with the promoters of the former. The deal worth ₹81 crore will be settled by the latter partly by cash and a portion through its compulsorily convertible preference shares.
The cash settlement will be partly made immediate and partly through deferred payment, according to a company press release.India's SP Apparels Ltd has decided to sell its retail division on a slump sale/going concern basis to SP Retail Brands Ltd, an independent firm promoted by strategic investors along with the promoters of the former. The deal worth ₹81 crore will be settled by the latter partly by cash and a portion through its compulsorily convertible preference shares.#
This whole transaction needs to be approved by the shareholders and will take effect after taking all necessary clearances before the end of March 2020.
ALCHEMPro News Desk (DS)
marketing@alchempro.com
