Edel Commodities to sell its subsidiary - Edel Commodities Trading for Rs 13 crore
Edelweiss Financial Services announced that Edel Commodities Limited (ECL), a wholly owned subsidiary of the Company, has entered into a Share Sale & Purchase Agreement with Inditrade Business Consultants (Buyer/IBCL) on 17 November 2016 for sale of its wholly owned subsidiary namely Edel Commodities Trading Limited (ECTL) for a deal size of minimum of Rs. 13 crore receivable in cash and shares.IBCL is a subsidiary of Inditrade Capital Limited with focus on commodity procurement, financing and export of commodities. It operates in 7 states and is rapidly scaling up its operations in India and abroad.
The aforesaid transactions are not with the Promoter/Promoter Group and also does not fall under the related party transactions.
Consequent to the above, ECTL, Edelweiss Commodities CHAD SARL and Edelweiss Commodities Nigeria Limited, the subsidiaries of ECTL, ceases to be the subsidiaries of ECL and, in turn of the Company.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
