The shares of this Micro-cap company gained up to 4.1 percent after the company Board approved for sale of the Company’s investment in equity and preference shares of its associate company worth Rs 15.52 crores.
With a market capitalization of Rs 417.24 Crores. Industrial Investment Trust Ltd, On Wednesday, The shares were trading at Rs 185.05 a share, an increase of 2 percent from the previous closing price.
The Board of Directors of Industrial Investment Trust Ltd. approved the sale of the Company’s investment in its associate company World Resorts Ltd., according to the company exchange. The Company entered into two separate Share Purchase Agreements with Nimbus India Limited (as Purchaser) and World Resorts Limited (‘WRL’), one for the sale of the Company’s investment in WRL’s Equity Shares and the other for the sale of Preference Shares, respectively. These agreements have a combined value of Rs 15.52 crore.
In compliance with the terms of the Share Purchase Agreement (for Equity Shares), the transaction closed on December 6, 2023, after the company received the full sale consideration for the sale of its equity shares in WRL and transferred all of its equity shares to the purchaser, With effect from December 06, 2023, World Resorts Limited (WRL) is no longer an associate of the company.
Looking into the company’s performance, Industrial Investment Trust Ltd’s revenue increased by 8.8 percent from Rs 5.52 Crore in Q2FY23 to Rs 6.01 Crore in Q2FY24. During the same period, net profit decreased by 92 percent from Rs 19.32 crore to Rs 1.52 crore.
Industrial Investment Trust Ltd. includes investing in mutual funds, equity shares that are quoted and unquoted, fixed deposits with reputable banks, inter-corporate deposits, and loans to the companies and entities that make up its group.
Written by:- Abhishek Singh
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