Ramco Cements has received approval from board of directors to execute Share Subscription and Purchase Agreement (SSPA) for the purpose of sale and transfer of its entire shareholding (i.e. 49,95,16,202 equity shares) in Lynks Logistics (Lynks) to Bundl Technologies (Bundl, operating under the brand name Swiggy) in exchange for Compulsorily Convertible Preference Shares of Bundl to be issued and allotted by Bundl to the Company.
The company will also be providing representations / warranties / indemnities to Bundl in connection with the proposal, the aggregate indemnification liability of the Company not to exceed Rs 86.56 crore as per the agreed terms under the SSPA, subject to any Closing date adjustments on account of Working Capital and Net Debt of Lynks. The board of directors at its meeting held on July 12, 2023 has approved the same.
Ramco Cements is the flagship company of the Ramco Group, a well-known business group of South India. The main product of the company is Portland cement, manufactured in eight state-of-the art production facilities that includes Integrated Cement plants and Grinding units.
