Macrotech Developers sells 100% stake in subsidiary

Macrotech Developers Limited has recently finalized the sale of its entire stake, totaling 100%, in a wholly owned subsidiary to NewCold India Holding B.V. The subsidiary in question did not contribute to the consolidated turnover of the company for the fiscal year ending March 31, 2023. However, it held a net worth of ₹489.82 million, which represented a negligible percentage of the subsidiary's net worth.

The agreement for this sale was officially inked on October 25, 2023. The anticipated completion date for this transaction is January 8, 2024, subject to the fulfillment of specific conditions precedent. The sale is valued at ₹1536.53 million, with the full amount set to be received.

The buyer, NewCold India Holding B.V., is a private entity based in the Netherlands and functions as an investment company. It is part of the NewCold group, specializing in cold storage warehousing and related services. Importantly, none of the buyers have affiliations with the promoter, promoter group, or associated companies.