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Last Updated : Sep 17, 2019 10:03 AM IST | Source: Moneycontrol.com

TRF slips nearly 3% after Canyon Point terminates SPA

Canyon expressed its inability to complete the transactions as per SPA citing occurrence of material adverse changes and has terminated the said SPA with immediate effect

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Shares of TRF slipped nearly 3 percent in early trade on September 17 after Canyon Point Investment Holdings Pte terminated a share purchase agreement.

The company had intimated the sale/ divestment of the entire shareholding in step down subsidiary Dutch Lanka Trailer Manufacturers (DLT), including its subsidiary Dutch Lanka Engineering and 50 percent stake in Tata International DLT (TIDLT), a JV company between DLT and Tata International Limited to Canyon Point Investment Holdings Pte. vide share purchase agreement (SPA).

Canyon expressed its inability to complete the transactions as per SPA dated May 17, 2019 citing occurrence of material adverse changes and has terminated the said SPA with immediate effect.

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The company has noted and is evaluating Canyon letter and reserves all its rights and remedies under the SPA/contract, law and equity against Canyon, including its right to respond and deal with Canyon's letter.

At 0931 hrs, TRF was quoting at Rs 106.55, down Rs 3.10, or 2.83 percent on the BSE.

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First Published on Sep 17, 2019 09:54 am
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