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Goldstone Infratech Ltd has decided to sell its Insulators division which manufactures composite polymer insulators to MacLean Power (India) Pvt Ltd, a wholly-owned Indian subsidiary of MPS Mauritius Holding for a consideration of Rs 108 crore.
MPS Mauritius Holding is a subsidiary of the US-based MacLean Power Systems.
The Board of Directors meeting held today has decided to divest the Insulators Division, marketing and trading assets along with all licences, permits, intellectual property rights and contracts. This is subject to various regulatory approvals.
The slump sale, which entails sale of one of the company businesses, is for a lumpsum cash consideration of Rs 108 crore, but subject to deduction of debt and other liabilities.
The Goldstone management plans to redeploy the funds for ether acquisition or starting a new business buy considering the market scenario in the interest of shareholders.
The company has decided to reward the shareholders by way of an interim dividend of 50 per cent (Rs 2 ) per share to be made out of the proceeds after completion of sale of the Insulators Business.
The management plans to seek shareholders consent for the sale through a postal ballot.
Goldstone Infratech shares closed at Rs 16.90, up 0.60 per cent.
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