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Biofil Chemicals (#BIOFILCHEM) board has approved the sale of its 80,156 sq. meter vacant industrial land in Pithampur.
This asset, tied to an 'undertaking', represented ₹6.74 Cr (20.18%) of last year's turnover and ₹9.22 Cr (49.09%) of total net worth, highlighting its substantial value within the company's financials.
The company expects a minimum ₹16.00 Cr from this sale, aiming for completion by December 31, 2025. This is subject to shareholder approval via postal ballot and clearance from Madhya Pradesh Industrial Development Corporation (MPIDC). The company has confirmed this is not a related party transaction.
**Investor Take:** This strategic divestment aims to unlock significant capital from a non-operating asset, potentially strengthening the balance sheet and providing funds for future corporate initiatives.
#AssetMonetization #CorporateAction
All announcements from Biofil Chemicals & Pharmaceuticals Limited