Summit Securities’ wholly owned subsidiary -- Instant Holdings (Instant) has entered into an agreement (Memorandum of Understanding (MoU)) with Kojak Knits to sell Instant’s entire shareholding in its wholly owned subsidiary, Sudarshan Electronics & TV.
The sale is expected to be completed within a period of 30 days from the date of the MoU and is subject to fulfillment of conditions mentioned in the MoU and the signing of a share purchase agreement. A sum of Rs 2,27,77,760 would be received by Instant, in one or more tranches on completion of the transaction.
Summit Securities is a non-deposit taking Systemically Important Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI) and is engaged in the business of providing loans and making investments in shares and securities.
