The business undertaking accounted revenue of Rs 403.28 crore or 47 per cent of the Navkar Corporation's total revenue of Rs 856.41 crore.
The stock of the logistic solution provider reversed gains, and tanked 24 per cent from its 52-week high of Rs 90, touched in the intra-day trade today. At 12:32 pm, it was trading 18 per cent lower at Rs 69.65, as compared to 0.56 per cent rise in the S&P BSE Sensex. Trading volumes on the counter jumped an over three-fold with a combined 13.91 million equity shares having changed hands on the NSE and BSE.
"The slump sale of Business Undertaking as a going concern on an 'as is where is' basis is conditional upon satisfactory completion of the conditions precedent by the parties, as set out in the transaction documents and receipt of approval from the shareholders. As part of the slump sale as a going concern on an 'as is where is' basis, the company has included its Exim business, immovable property and some movable assets as per agreed terms of transaction documents," Navkar Corporation said.
The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million TEUs. The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in near future as additional industrial corridors and logistic parks get added along these DFC routes. The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land & bonded warehouse facilities, Adani Logistics, a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ) said. Shares of Adani Ports are traded 4 per cent higher at Rs 819 on the BSE
Navkar Corporation said the company will utilize the consideration amount to repay the existing debt exposure and it will become 100 per cent debt free. Balance consideration amount shall be used for expansion of upcoming project ICD situated at Manaba, District Morbi, Gujarat, further new expansion and create the value for stakeholders.
Assets monetization of ICD situated at Tumb, Vapi and all the future investments will be align with business strategy and exploring various available options for further expansion, the company said.
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