Forbes & Company rose 1.24% to Rs 419.25 after its board approved the binding term sheet for the sale of its entire stake held in its wholly-owned subsidiary, Forbes Facility Services (FFSL) to SILA Solutions for Rs 42 crore.
The binding term sheet was executed on 23 February 2022 and the definitive agreements are expected to be executed by 31 March 2022.
As on 31 March 2021, the total income of FFSL was at Rs 152.93 crore and total profit for the FY2020-2021 was Rs 2.98 crore. SILA Solutions is engaged in real estate development, project management and facilities management services across India.
In a separate announcement, the board approved the termination of the Joint Venture (JV) agreement of 1 December 2014 with mutual consent with Sterling Investment Corporation, G. S. Enterprises in relation to Shapoorji Pallonji Forbes Shipping (SPFSL) with effect from close of business hours on 28 February 2022. Consequently, from 1 March 2022 onwards, SPFSL shall cease to be a subsidiary of the company.
On a consolidated basis, Forbes & Co reported net loss of Rs 11.09 crore in Q3 December 2021 as against net loss of Rs 24.83 crore in Q3 December 2020. Net sales fell 0.6% to Rs 694.21 crore in Q3 December 2021 over Q3 December 2020.
Forbes & Co is a holding company. The company's segments include engineering, health & hygiene, real estate, IT enabled services and products, shipping and others.
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