On 21 March 2016
Smiths & Founders (India) announced about the following:a) The Company has sold its undertaking at Plot No.24 & 24A, KIADB Industrial Area, Chikkaballapura, Karnataka, on 21 March 2016. The undertaking belonged to erstwhile Smiths & Founders (India) which was merged with the Company in accordance with the Scheme of Rehabilitation sanctioned by the Hon.BIFR on 20 February 2014. The erstwhile Smiths & Founders (India) had stopped operations in that unit w.e.f. 01 April 2009. The sale of the undertaking was approved by its shareholders in the Annual General Meeting held on 26 September 2015.
b) The Company has used the sale proceeds of its undertaking at Chikkaballapura to close the Overdraft Facility,Term Loan availed from Axis Bank and major part of the unsecured loans. By doing so the Company's finance cost would come down considerably and the benefits would be reflected in its financials for FY 2016-17.
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