AJR INFRA AND TOLLING LIMITED — Important, 23-11-2024: General Updates

The Board of Directors of AJR Infra and Tolling Limited has approved the divestment of its 100% stake in wholly-owned subsidiary Sikkim Hydro Power Ventures Limited by transferring 6,27,35,942 equity shares for Rs. 20.00 Crores to Ajanma Holdings Private Limited. The expected completion of this divestment is within one month from the execution of the Share Purchase Agreement, which is yet to be signed. Notably, the subsidiary contributed a net worth of Rs. 49.84 Crores in the previous fiscal year but reported no turnover. Ajanma Holdings is engaged in the infrastructure sector and is unrelated to the company's promoter group, making this transaction a non-related party transaction. The divestment aligns with the company’s strategy to refocus resources, suggesting a positive outlook for its core operations.