Everest Industries Limited has successfully completed the Phase I sale of its vacant land at Podanur, marking a significant milestone in the company's asset monetization strategy. The transaction was concluded on April 10, 2026, with the execution of a Sale Deed with G Square Properties Private Limited.

Transaction Details

The company has sold 16.84 acres of vacant, excess land located at Kurichi Village, Podanur, Madukkarai Taluk, Coimbatore District, Tamil Nadu. This represents the first phase of a larger land disposal plan that encompasses 23.32 acres of total salable land.

Financial Consideration

The Phase I transaction has generated substantial proceeds for Everest Industries. The consideration received up to the date of execution includes advance payments and the final settlement amount.

The total consideration for the entire 23.32 acres of land is Rs. 133.86 crores, with the remaining amount expected upon completion of Phase II.

Transaction Structure

The deal involves multiple agreements executed simultaneously, including a Sale Deed, gift deed, and premium agreement. This structure accommodates the buyer's request for certain portions of the land to be gifted, with corresponding consideration included in the premium agreement.

Future Timeline

The remaining 6.48 acres of land under Phase II is expected to be transferred by November 4, 2026, completing the entire land disposal transaction. This phased approach allows for systematic execution while ensuring regulatory compliance.

Regulatory Compliance

The transaction has been conducted in full compliance with SEBI regulations, specifically under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The buyer, G Square Properties Private Limited, is not related to Everest Industries' promoter group, ensuring the transaction remains at arm's length and outside the scope of related party transactions.

Everest Industries Limited has voluntarily requested the withdrawal of credit rating services from ICRA Limited for its bank facilities worth Rs. 440.00 crore, effective April 10, 2026. The company informed stock exchanges about this development through a regulatory filing under SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Credit Rating Withdrawal Details

The company had been obtaining credit ratings for its bank finances from both CRISIL Ratings and ICRA Limited. Out of these two credit rating agencies, Everest Industries Limited voluntarily chose to discontinue services with ICRA while continuing with CRISIL Ratings.

ICRA Limited processed the withdrawal request and communicated the rating action through their letter dated April 10, 2026. The withdrawal covers multiple financial instruments across different categories.

Withdrawn Financial Instruments

The credit rating withdrawal encompasses various banking facilities that were previously rated by ICRA:

ICRA's Withdrawal Process

ICRA Limited confirmed that the rating withdrawal was processed in accordance with their policy on withdrawal of credit ratings. The agency stated that the withdrawal was executed at the company's request and based on the no objection certificate received from the bankers involved.

According to ICRA's communication, they do not have information suggesting that the credit profile has changed since the rating was last reviewed. The withdrawal follows standard procedures and regulatory requirements for discontinuing credit rating services.

Company's Financial Performance Context

The rating agency's documentation revealed key financial indicators for Everest Industries Limited based on consolidated financials:

About Everest Industries Limited

Everest Industries Limited, incorporated in 1934, operates as an established player in the domestic Fibre Cement sheet industry with over eight decades of operational experience. The company's business is divided into two main divisions: Building Products and Steel Buildings/PEB.

The Building Products division encompasses roofing solutions, ceiling solutions, wall solutions, floor solutions, cladding solutions, door solutions, and solid wall panels. The Steel Buildings division provides customized building solutions including design, manufacturing, and installation services primarily for industrial buildings and warehouses.

As of September 30, 2025, the company maintains a capacity of 9,85,147 MTPA for Building Products and 54,000 MTPA for Steel Buildings operations.