Himadri Speciality Chemical has informed that the Company’s subsidiary Trancemarine and Confreight Logistics Private Limited (Trancemarine) has entered into an agreement for divestment of its stake in its subsidiary i.e. Sturdy Niketan Private Limited (Sturdy), by selling 34% of its stake in the form of equity shares of Sturdy. After this sale, Sturdy continues to be a subsidiary of Trancemarine and step down subsidiary of the Himadri Speciality Chemical Ltd (“Company™) with 65% holding of Trancemarine in Sturdy. Neither Trancemarine nor Sturdy is a material subsidiary of the Company, hence, the transaction does not result in sale or disposal of shareholding or assets of material subsidiary. The transaction would not fall within related party transactions and the buyers are not related to the promoter/ promoter group/group companies of the Company. The transactions are expected to be completed within 10 (Ten) days from the date of signing of the Agreement or such date as may be mutually agreed between the parties.
The above information is a part of company’s filings submitted to BSE.
