Uflex has entered into an
Agreement to disinvest its 82% stake in Utech Developers, a wholly owned subsidiary of
the Company for consideration of Rs 125.05 crore in the form of redeemable preference shares of the buyer, Montage Enterprises.
Upon completion of the transaction, Utech Developers will cease to be subsidiary of the Company. Consequently SD Buildwell , being wholly owned subsidiary of Utech Developers will also cease to be the step down subsidiary of the Company.
The transaction is expected to be completed by 25 October 2019.
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