Bhagyanagar Properties has entered into Share Purchase Agreement to sell its entire stake in its wholly-owned subsidiary company — Masanto Containers to Sia Publishers and Distributors. Consequently Masanto Containers ceased to be a subsidiary company.
The Share Purchase Agreement is executed on September 30, 2019. The transfer of equity shares is expected to be completed within 45 days from the date of execution of the Share Purchase Agreement. The total consideration from sale of equity shares is Rs 11 crore, out of which Rs 2.27 crore has been received.
Bhagyanagar Properties is a wholly owned subsidiary of Bhagyanagar India. It is in the business of purchasing land parcels and then developing them.