SP Apparels has received approval to sell the Retail Division on a slump sale / going concern basis to SP Retail Brands. The total consideration of the deal will be Rs 81 crore which will be settled by SP Retail Brands partly by cash and a portion by way of compulsorily convertible preference shares of SP Retail Brands.
The cash settlement will be partly made immediate and partly through deferred payment. The Board of Directors of the Company at its meeting held on January 23, 2020 has approved the same.
SP Apparels manufacturer and sells knitted garments for infants and children in India. Its products include body suits, sleep suits, tops, and bottoms.
