Jindal Poly Movies rose 2.64% to Rs 1,055.15 after the corporate invested in fairness shares of Universus Business Properties on its incorporation.
Universals Business Properties (UCPL) is integrated as an entirely owned subsidiary of Jindal Poly Movies. On 6 August 2022, the corporate invested Rs 5,00,000 by subscribing to 50,000 fairness shares of Rs 10 every, equal to the share capital of UCPL. UCPL is but to begin industrial operations.
The proposed funding is geared toward benefiting from the worthwhile actual property alternatives provided by UCPL.
The corporate mentioned the transaction comes beneath the purview of associated get together transaction as UCPL turns into an entirely owned subsidiary of the corporate and the transaction is finished on an arm’s size foundation.
UCPL proposes to enter the true property enterprise and has been integrated on 20 July 2022. It has no worldwide presence.
Jindal Poly Movies is engaged in various enterprise actions together with manufacturing of Polyester Movie, Polypropylene Movie, Metal Pipes and Photographic Merchandise.
The corporate reported 35.9% progress in consolidated internet revenue at Rs 315.12 crore in Q1 FY23 on 18.7% progress in internet gross sales in Q1 FY23 as in comparison with Q1 FY22.
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