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BSE SENSEX
74,568.60
+838.44
+1.14 %
Corporate Announcement
Security Code
523828
Company
MENON BEARINGS LTD.-$
Exchange Received Time
23/03/2024 12:56:23
Exchange Disseminated Time
23/03/2024 12:56:41
Time Taken
00:00:18
Board Meeting Outcome for Outcome Of Board Meeting Held Today I.E. Saturday, 23Rd March, 2024. |
3/23/2024 12:56:41 PM
Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. 23rd March, 2024, inter-alia, considered the following matters: (1) approved the proposal to transfer Company's business undertaking comprising of 'Aluminium Division' by way of 'Slump Sale' as a going concern to Menon Alkop Limited ('MAL'), Wholly Owned Subsidiary of the Company, for an overall purchase consideration of Rs. 20.00 Crores (Rupees Twenty Crores only) and the MAL shall, in turn, settle the purchase consideration by issuing 8,25,00,000 equity shares of Re.1/- each at a premium of Rs. 1.42 per share to the Company, subject to shareholders' approval of the Company; and (2) Decided to seek shareholders' approval for the proposed Slump Sale through Postal Ballot Process.
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