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Oricon Enterprises gains with arm planning to sell Toyota Dealership Business

24 Aug 2017

Oricon Enterprises is currently trading at Rs. 58.50, up by 0.70 points or 1.21% from its previous closing of Rs. 57.80 on the BSE.

The scrip opened at Rs. 58.35 and has touched a high and low of Rs. 60.35 and Rs. 58.30 respectively. So far 1,11,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 64.35 on 08-Aug-2017 and a 52 week low of Rs. 41.15 on 21-Nov-2016.

Last one week high and low of the scrip stood at Rs. 60.80 and Rs. 55.50 respectively. The current market cap of the company is Rs. 918.73 crore.

The promoters holding in the company stood at 66.96%, while Institutions and Non-Institutions held 8.29% and 24.75% respectively.

Oricon Enterprises has received an approval for sale and transfer by its subsidiary, Shinrai Auto Services of its Toyota Dealership Business to Madhuban Motors, a company incorporated under the laws of India, as a going concern on a slump sale basis, for a total consideration without values being assigned to individual assets and liabilities of Rs 28.35 crore in cash.

The sale consideration is subject to such adjustment for net working capital; and assumption of credit facilities and loans, on such terms and conditions as may be required in this regard under the Business Slump Sale Agreement. The board of directors at its meeting held on August 23, 2017 has approved for the same.

Oricon Enterprises is engaged in the business of manufacturing petrochemical products and developing real estate.

Related Oricon Enterprises Ltd. Links:

Oricon Enterprises Share Price

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323