VST Industries sells Banjara Hills property for ₹102 crore to ViNS Bioproducts
VST Industries Ltd on Friday (November 22) said it has completed the sale of an immovable property located in Panjagutta, Banjara Hills, Hyderabad, to ViNS Bioproducts Ltd and others. The transaction, valued at ₹101.7 crore, involves the sale of approximately 2.7 acres of land along with existing structures.
“…we hereby inform you that VST Industries Limited (“company”) has sold an immovable property today, i.e., 22nd November 2024 to M/s. ViNS Bioproducts Ltd and others measuring around 2.7 acres of land along with structures situated in Plot Nos. 7& 15, Plot No. 8, Plot No. 9 and Plot No. 10 at Panjagutta, Banjara Hills, Hyderabad, Telangana by executing and registering sale deeds,” the company said in a stock exchange filing.
The agreement, executed on November 22, 2024, is a direct sale between the company and third party purchasers, with no involvement from the company’s promoter group. None of the promoters, directors, or key managerial personnel, nor their relatives, have any direct or indirect interest in the sale.
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The sale deed outlines the absolute transfer of ownership of the property, with no special rights or restrictions on the purchaser.
Radhakishan Damani, one of the largest shareholders in VST Industries, held a 3.47% equity stake in the company as of June 30, 2024. Damani had sold a 2.26% stake in the company via block deals ahead of the results and the announcement of the bonus issue of shares.
VST Industries is a manufacturer of cigarettes and tobacco products. The company has two cigarette manufacturing facilities in Hyderabad, AP. It has five major brands, which include Total, Charms, Moment, Special and Edition, and a direct distribution reach of over 1.2 million outlets.
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Shares of VST Industries Ltd ended at ₹313.55, down by ₹0.25, or 0.080%, on the BSE.
(Edited by : Shoma Bhattacharjee)
