VIP Industries to sell Mumbai property to promoter-group firm for ₹40.7 crore
VIP Industries is selling its Mumbai property, VIP House, to Kemp & Company. The deal is valued at ₹40.71 crore. This transaction is considered a related-party deal but is not material. Shareholder approval is required for Kemp & Company. VIP Indu...
By ET Bureau |
MUMBAI: VIP Industries has entered into a binding agreement to sell its non-core asset, VIP House in Mumbai's Prabhadevi locality, to Kemp & Company, an entity from the promoter group, the company said in a regulatory filing.
The transaction, valued at ₹40.71 crore, is being executed on an as-is-where-is basis and will require shareholder approval from Kemp & Company. While the deal qualifies as a related-party transaction, the company said it is not material and is being undertaken at arm's length.
VIP Industries currently holds 1.77% stake in Kemp & Company.
The transaction, valued at ₹40.71 crore, is being executed on an as-is-where-is basis and will require shareholder approval from Kemp & Company. While the deal qualifies as a related-party transaction, the company said it is not material and is being undertaken at arm's length.
VIP Industries currently holds 1.77% stake in Kemp & Company.
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