Authum Investment & Infrastructure has executed a Share Purchase Agreement (SPA) on July 27, 2023, with inter alia Welspun Enterprises (the purchaser), to sell 36.05% of its equity stake from out of 47% in its Associate Company M/s Michigan Engineers (MEPL) subject to necessary approvals as per the agreement. Hence, MEPL shall cease to be associate of the company on completion of the transaction.
The transaction is expected to be completed within 4 weeks, subject to completion of conditions precedent as detailed in the SPA. The consideration received from such sale will be Rs 98.63 crore (to be received on completion of the transaction).
Authum Investment & Infrastructure is carrying on the business of investment in shares and securities and also financing activities to achieve the goal of enhancing the value for its stakeholders.
