Mafatlal Industries has received an approval for the proposal of divestment of its equity stake/investment, in Vrata Tech Solutions (VTSPL). The company is holding 77.77% of the total paid up capital of VTSPL and it has decided to sell its entire stake/ investment to a promoter group entity for an aggregate consideration of Rs 4.07 crore.
VTSPL is not a material subsidiary of the Company. Post the Proposed Transaction, VTSPL will cease to be a subsidiary of the Company. The Board of Directors of the Company at its meeting held on June 16, 2022, inter alia, has considered and approved the same.
Mafatlal Industries is Indian conglomerate having interests in the diverse fields of Textiles, Rubber Chemicals, Information Technology, Real Estate, E-commerce, and Healthcare.
