Centum Electronics Sell Its Entire Stake In Centum Rakon To Rakon
Centum Electronics Limited has signed Share Purchase Agreement (SPA) with Rakon Limited for the sale of entire 51% stake held by the company in Centum Rakon India Private Limited. Details of the transaction are as follows:
|The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year|
Turnover of CRI in the previous year - Rs.744 Million
Percentage - 10%
Networth - Rs.639 Million
Percentage - 29%
|Date on which the agreement for sale has been entered into.||Share Purchase Agreement (SPA) is executed on 27th April 2018|
|The expected date of completion ofsale/disposal.||On or before 5th May 2018|
|Consideration received from such sale||Consideration for the sale transaction is USD 5.50 Million (75% of the consideration i.e., USD 4.125 Million to be received immediately in terms of the SPA and the balance 25% i.e., USD 1.375 Million over a period of 18 months from the signing date or an earlier date as may be mutually decided between the Seller and Purchaser.|
|Brief details of buyers and whether any of the buyers belong to the promoter/promoter group/group companies. If yes, details thereof|
Rakon Limited, Newzealand along with its nominee, if any.
Yes, Buyers relate to promoter group.
|Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arm's length".||Yes, Based on the valuation report,negotiations between the parties undertaken, business plans/commercial reasons and nature of the transaction (being sale of investment). The transaction is undertaken on an arm's length basis.|
|Additionally, in case of a slump sale,indicative disclosures provided foramalgamation/merger, shall be disclosed by the listed entity with respect to such slump sale.||Not applicable|