JITF Infralogistics Announces Divestment Of Shares Of Subsidiary Company
JITF Urban Infrastructure Services Limited (JUISL), the unlisted material subsidiary of the JITF Infralogistics Limited has entered into a strategic Investment Agreement on July 16, 2018, with Technomechanical Services Private Limited (TSPL) pursuant to which JUISL has agreed to transfer up to 49% (Forty-Nine Percent) shareholding in its wholly owned subsidiary i.e. JITF Water Infrastructure Limited (JWIL) to TSPL or its designated representatives in one or more tranches upon fulfilment of condition precedents.
The material unlisted subsidiary of the Company i.e. JlTF Urban Infrastructure Services Limited (JUISL), shall continue to hold 51 % (Fifty One Percent) of the paid-up share capital of JWIL along with the right to appoint the majority of directors of the JWIL including the right to appointment of the independent director in accordance with the SEBI LODR Regulations.