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Board of Optiemus Infracom approves transfer of 'Rental Division' to proposed subsidiary

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At meeting held on 06 June 2019

The Board of Optiemus Infracom at its meeting held on 06 June 2019 has approved the proposal of transfer of the 'Rental Division' Business of the Company to its Wholly owned subsidiary company, which is in the process of being incorporated, as a ''going concern'', on slump exchange basis.

Further, in consideration of such transfer, the wholly owned subsidiary company will issue its equity shares to the company in term of the Business Transfer Agreement executed by the Company.

The proposed transfer of 'Rental Division' Business of the Company to its wholly owned subsidiary company will be subject to obtaining the approval of shareholders and requisite approvals from Banks/Financial Institutions, statutory and regulatory authorities.

The proposed transfer of 'Rental Division' Business of the Company comes with an intention of the management and on-going process of liquidation of Non-Core Assets of the Group.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 07 2019. 18:38 IST
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