Atlas Cycles (Haryana) Limited — Important, 07-12-2024: General Updates

The company has entered into an agreement to sell approximately 20 acres of land and a non-operational building in Sonipat, Haryana, which has been out of operation since February 2018. The expected completion date for the sale is set for June 5, 2025. The total consideration for the sale is Rs. 12.41 Crore per acre, payable in multiple tranches, totaling Rs. 248.2 Crore. The buyer, Rishika Devisor LLP, is not related to the company’s promoters or group entities. This development may positively impact the company’s balance sheet by providing significant liquidity while shedding non-performing assets. Investors should keep a close watch on the completion timeline and the utilization of proceeds from this transaction.