Manaksia has entered into share purchase agreement with Aura Chem (AURA) for sale of 100% equity shares in Solex Chemicals (SOLEX), a wholly owned subsidiary company, at an aggregate consideration of $1.50 million. The transfer of shares by the company to AURA and consideration in lieu, would be completed in three trenches.
The first trench would compromise of 5,100 equity shares of Rs 10 each (being 51% of the holding in SOLEX) for consideration of $0.765 million. The second trench would compromise of 2,300 equity shares of Rs 10 each (being 23% of the holding in SOLEX) for consideration of $0.345 million and the third trench would compromise of 2,100 equity shares of Rs 10 each (being 26% of the holding in SOLEX) for consideration of $0.390 million. The first trench of $0.765 million has been received and with transfer of shares, SOLEX cease to be wholly owned subsidiary company of Manaksia.
Manaksia (formerly Hindusthan Seals) is a multi-division and multi-location conglomerate. Manaksia specialises in the manufacture of packaging products (crowns, closures and metal containers), metal products and fast moving consumer goods, among others. Its metal packaging products include crowns, roll-on pilfer-proof closures, expanded polyethylene liners as well as push-open and other metal containers.
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