Forbes & Company said that it has entered into agreement for sale (AFS) with Equinix India for sale of approximately 3.804 acres of land at Chandivali, Mumbai for a consideration of Rs 200 crore.
The purchaser would also reimburse to the company certain expenses as mentioned in the AFS.
"The completion of the proposed transaction subject to fulfilment of various conditions precedent as stated in the AFS is expected to be completed in Q2/Q3 of FY 2021-2022," the company said in a regulatory filing made during market hours today.
The company's board had approved the land sale in December 2020.
Forbes & Company is mainly engaged in the business of manufacturing and trading of engineering products, real estate development projects and leasing of premises.
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The company had reported a consolidated net loss of Rs 12.22 crore in Q3 FY21 as against a net loss of Rs 22.38 crore in Q3 FY20. Net sales declined by 0.07% YoY to Rs 699.47 crore during the quarter.
The scrip fell 3.50% to currently trade at Rs 2030 on the BSE.
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