Majestic Auto Ltd. Completes Sale of Leasehold Property
Majestic Auto Limited announced the completion of the sale of its leasehold property situated at B-6, B-7 and B-9 Ecotech 1 Extension, Sector Ecotech-I, Greater Noida, Distt. Gautam Budh Nagar (U.P.), admeasuring approximately 54,312 square meters. The transaction was approved by the Board of Directors on December 23, 2022, and subsequently by the members on February 4, 2023.The sale was executed in favor of Cyrrus Manufacturing LLP, a buyer who is not affiliated with the company’s promoter group. An advance amount of ¥5,00,00,000 (Rupees Five Crore only) was previously received towards the total sale consideration.
The total consideration for the transaction amounts to INR 1,43,51,50,000 (Rupees One Hundred Forty-Three Crore Fifty-One Lakh Fifty Thousand only), including transfer charges and Goods and Services Tax (GST) on transfer charges, and stamp duty.
According to data for the financial year 2024-25, the plots contributed 11.85% to the company's net worth and 6.30% to its revenue.
Cyrrus Manufacturing LLP is engaged in the development of industrial buildings, logistic buildings and IT/ITES. The transaction is not considered a related party transaction and does not require compliance with Regulation 37A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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