Company news: IFB Industries

IFB Industries , which made an initial advance payment of ₹5 crore on August 6 to Ramsons Garments Finishing Equipment Pvt Ltd, Ramsons Udhyog Pvt Ltd and its promoters for business transfer, has made a further payment of ₹20 crore on October 16. IFB has taken control of the business from October 18, 2018. In a notice to the exchanges, the company said the balance consideration of ₹10 crore will be paid within 90 days (from October18), subject to validation of cost of materials, warranty, wastage and spare sales. The consideration was paid/to be paid by way of bank transfer only. The investments do not fall within the related-party transaction, it further said. Shares of IFB Industries slumped 1.22 per cent to ₹918.35 on the NSE.