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Texmaco Rail & Engineering has sold 22,000 equity shares in its associate company, Texmaco Defence Systems Private Limited, for a total consideration of ₹2.2 lakh. Following this transaction, Texmaco Defence has ceased to be an associate of Texmaco Rail.
The firm has reported that Texmaco Defence contributed a negligible net worth of -₹0.05 crore during the last financial year. The buyer, Poddar Heritage Securities, is an independent financial advisory firm and does not belong to the promoter group. Notably, the transaction is classified under related party transactions but has been conducted at arm's length. This divestment may streamline Texmaco's focus on core operations, presenting both risks and opportunities for future strategic initiatives. Investors should monitor any further developments closely as the company realigns its portfolio.