Forbes & Company has received an approval for entering into binding term sheet for sale of its entire shareholding in Forbes Facility Services (FFSL), a wholly owned subsidiary of the Company to SILA Solutions. The binding term sheet has been executed on February 23, 2022 and the definitive agreements are expected to be executed by March 31, 2022. The proposed sale consideration is Rs 42 crore, subject to certain closing adjustments.
SILA Solutions is engaged in real estate development, project management and facilities management services across India. DAM Capital acted as the financial advisor to this proposed transaction for the sale of the entire shareholding in FFSL. The Board of Directors of the Company at their meeting held on February 23, 2022 has approved the same.
Forbes & Company has three main businesses; namely engineering, shipping and logistics and business automation.
