Keerthi Industries Limited Approves Addendum to Business Transfer Agreement
Keerthi Industries Limited (formerly Suvarna Cements Limited) announced on March 28, 2026, that its Board of Directors approved an addendum to the Business Transfer Agreement with Keerthi Holdings Private Limited (formerly Hyderabad Bottling Co. Private Limited). The agreement pertains to the slump sale of the company’s Electronics Business.The initial Business Transfer Agreement was approved by the Audit Committee and Board of Directors on May 29, 2025, and subsequently by shareholders on July 10, 2025. The effective date of the agreement is March 31, 2026.
According to the Electronics Business Transfer Agreement, the consideration for the sale is INR 36 crore, received as of December 1, 2025. The proceeds will be used to repay bank facilities consisting of term loans, cash credits, and unsecured loans.
As of March 31, 2025, the Company's Total Income (Turnover + Other Income) and Net Worth were INR 122.23 crore and INR 40.73 crore, respectively. The Electronics Business generated INR 24.29 crore in Total Income (Turnover + Other Income), representing 19.87% of the company’s total income for fiscal year 2024-25.
The transaction is considered a related party transaction, as both the seller and buyer have joint control. The sale is occurring at arm’s length based on an independent valuation report dated May 29, 2025.
The Board meeting commenced at 10:30 A.M. and concluded at 11:15 A.M.
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Last edited by a moderator: