Halonix concludes transfer of General Lighting Business, sale of Halonix Technologies

Phoenix Lamps Ltd. - (Amalgamated) | Auto Ancillary | Automobiles | BSE: 517296 | NSE: PHOENIXLL

31 Aug 2013 Evaluate

Halonix has concluded the transaction of sale and transfer of the General Lighting Business to its subsidiary Halonix Technologies on August 30, 2013. The comp any has also completed the sale and transfer of its entire shareholding in Halonix Technologies to Argon India and Argon South Asia. The sale and transfer of the General Lighting Business has taken place an Enterprise Value of Rs 160 crore which is in accordance with the shareholder approval received through postal ballot results declared on June 6, 2013 and is subject to customary adjustments in accordance with the agreements to determine the net consideration payable.

The consideration for sale of shareholding in Halonix Technologies, held by the company has been paid by Argon India and Argon South Asia on the basis above. At the conclusion of the transaction, Halonix Technologies will discharge its obligations to Halonix as per the Business Transfer Agreement. The company continues to be on the growth track and the strategy to consolidate and rationalize all its core operations is showing encouraging results.

Halonix had earlier on July 23, 2013 inked an agreement for re-structuring its operations. The company and its subsidiary Halonix Technologies have signed a business transfer agreement (BTA) for sale and transfer of the General Lightening Business. Besides, a share purchase agreement (SPA) has been entered into with Argon South Asia and Argon India for sale and transfer of Halonix Technologies.

Halonix, previously known a Phoenix Lamps, was promoted in the year 1991 as an Indo- Japanese joint venture. It is counted amongst the most preferred manufacturers and suppliers of compact fluorescent lamps for general lighting and halogen lamps for automotive.

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