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Jubilant Industries is locked at the upper circuit of 10% at Rs 168, also its 52-week high on the NSE, after the company said its arm Jubilant Agri and Consumer Products agreed to transfer its retail hypermarket business to Aditya Birla Retail via slump sale basis.
“Jubilant Agri and Consumer Products Limited, a wholly owned subsidiary of Jubilant Industries Limited, has agreed to transfer its retail hypermarket business undertaking consisting inter alia of 4 hypermarket stores in Bengaluru, India along with certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking, as a “going concern” to Aditya Birla Retail by way of a ‘slump sale’,” Jubilant Industries said in a BSE filing.
The transaction is expected to be completed within 4 months, subject to the necessary statutory, regulatory and other approvals, including approval of the Competition Commission of India and the shareholders of the company, it added.
The board of the company approved the transaction earlier on May 12, 2015.
The stock opened at Rs 151 and touched a low of Rs 147 on the NSE in early morning trade. Till 0928 hours, a combined 85,691 shares changed hands and there are pending buy orders for 106,719 shares on the NSE and BSE.
“Jubilant Agri and Consumer Products Limited, a wholly owned subsidiary of Jubilant Industries Limited, has agreed to transfer its retail hypermarket business undertaking consisting inter alia of 4 hypermarket stores in Bengaluru, India along with certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking, as a “going concern” to Aditya Birla Retail by way of a ‘slump sale’,” Jubilant Industries said in a BSE filing.
The transaction is expected to be completed within 4 months, subject to the necessary statutory, regulatory and other approvals, including approval of the Competition Commission of India and the shareholders of the company, it added.
The board of the company approved the transaction earlier on May 12, 2015.
The stock opened at Rs 151 and touched a low of Rs 147 on the NSE in early morning trade. Till 0928 hours, a combined 85,691 shares changed hands and there are pending buy orders for 106,719 shares on the NSE and BSE.
