NewsCorporate ActionsPolychem's Subsidiary to Sell Land and Factory for Rs 29 Crore, Seeks Shareholder ApprovalPolychem's Subsidiary to Sell Land and Factory for Rs 29 Crore, Seeks Shareholder Approval
Polychem Limited's board has approved the sale of property owned by its subsidiary, Gujarat Poly Electronics Limited (GPEL), to Tirex Transmission Private Limited for Rs 29 crore. The sale includes leasehold rights to a 12,022.40 square meter plot and ownership of a factory building in Gandhinagar Electronic Estate. GPEL plans to relocate operations to maintain revenue. The transaction requires shareholder approval at an EGM scheduled for September 1, 2025, and statutory approvals from GIDC. Polychem also addressed a BSE fine for alleged non-compliance with NRC composition requirements.
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Polychem Limited , a Mumbai-based company, has announced that its board of directors has approved the sale of property owned by its material subsidiary, Gujarat Poly Electronics Limited (GPEL). The transaction, valued at Rs 29.00 crore, involves the sale of leasehold rights to a 12,022.40 square meter plot and ownership rights of a factory building to Tirex Transmission Private Limited.
Property Details and Transaction
The property in question is located at Plot No. B-18, Gandhinagar Electronic Estate. GPEL, which reported a turnover of Rs 1,779.24 lakhs in the last financial year, has made arrangements to relocate its operations to ensure that the sale does not adversely affect its revenue.
Shareholder Approval and Regulatory Compliance
The proposed sale requires shareholder approval, as mandated by Regulation 24(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. To this end, Polychem Limited has scheduled an Extraordinary General Meeting (EGM) for September 1, 2025, to be held via video conference at 10:30 a.m.
Transaction Details
| Item | Details |
|---|---|
| Buyer | Tirex Transmission Private Limited |
| Sale Amount | Rs 29,00,00,000 (Twenty-Nine Crore Rupees) |
| Property | Leasehold rights to 12,022.40 square meter plot and ownership rights to factory building |
| Location | Plot No. B-18, Gandhinagar Electronic Estate |
The buyer is not part of the promoter group, and the transaction will be conducted on an arm's length basis. It's worth noting that the sale is not part of any scheme of arrangement and complies with relevant SEBI regulations.
Completion Contingencies
The completion of the transaction is contingent upon obtaining shareholder consent and statutory approvals from the Gujarat Industrial Development Corporation (GIDC). GPEL will execute the agreement once it receives the provisional transfer order from GIDC.
Other Board Meeting Outcomes
In the same board meeting, Polychem Limited also addressed a fine levied by the Bombay Stock Exchange (BSE) for non-compliance with the Nomination and Remuneration Committee (NRC) composition requirements for the quarter ended March 2025. The company has filed a waiver application, asserting that it was in compliance with the NRC composition requirements during the period in question.
As Polychem Limited moves forward with this significant property sale through its subsidiary, shareholders and market watchers will be keenly observing the outcome of the upcoming EGM and the subsequent steps in this transaction.
Historical Stock Returns for Polychem
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.30% | -0.15% | -10.36% | +33.86% | -29.41% | +453.77% |
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