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Shares of Diligent Media Corporation ended 6 percent lower on Wednesday after company executed an agreement for sale of its non-core assets.
The company executed an agreement to assign, for sale/ assignment of company's non-core assets comprising of leasehold land admeasuring approximately 13,803 square meters adjacent to the company's Printing press at Navi Mumbai, Maharashtra, along with building and fixtures thereon and rights attached thereto to Pioneer eLabs or any other entity owned or controlled (with majority beneficial interest) by P. Sridhar Reddy at a consideration of Rs 54.44 crore.
The above sale / assignment shall be subject to the approval of the shareholders of the company at the ensuing annual general meeting scheduled on September 21, 2018 and shall require further approval of or no-objection from the lessor viz. Maharashtra Industrial Development Corporation (MIDC).
The said transaction is expected to conclude by second week of December 2018.
The company received part payment of Rs 15 crore out of aggregate consideration of Rs 54.44 crore.
Diligent Media Corporation closed at Rs 6.30, down Rs 0.39, or 5.83 percent on the BSE.
Posted by Rakesh Patil
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