India’s SP Apparels Ltd has decided to sell its retail division on a slump sale/going concern basis to SP Retail Brands Ltd, an independent firm promoted by strategic investors along with the promoters of the former. The deal worth ₹81 crore will be settled by the latter partly by cash and a portion through its compulsorily convertible preference shares.
The cash settlement will be partly made immediate and partly through deferred payment, according to a company press release.
This whole transaction needs to be approved by the shareholders and will take effect after taking all necessary clearances before the end of March 2020.
Fibre2Fashion News Desk (DS)