Ashok Alco-Chem has received approval to sell 100% equity shares i.e 50,35,000 Equity Shares of Rs 10 each in M/s Aeon Procare (Wholly Owned Subsidiary) to M/s Ashapura International (Ashapura Group Company) for a consideration of Rs 12 crore. Proposed transaction will be completed within 30 days of approval of shareholders received through postal ballot.
The Company has received an in-principal confirmation and a letter of Intent from M/s. Ashapura International and shall enter a Memorandum of Understanding with Ashapura International within next 15 days. The Board of Directors of the Company at its meeting held on November 07, 2023, has approved the same.
Ashok Alco-Chem is engaged in the manufacture of organic chemicals. It manufactures ethanol, ethyl acetate and acetic acid.
