VRL Logistics jumps on executing business transfer agreement with Vijayanand Travels
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VRL Logistics is currently trading at Rs. 542.90, up by 11.65 points or 2.19% from its previous closing of Rs. 531.25 on the BSE.
The scrip opened at Rs. 539.95 and has touched a high and low of Rs. 549.00 and Rs. 531.00 respectively. So far 6316 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 719.00 on 20-Jul-2022 and a 52 week low of Rs. 398.15 on 07-Mar-2022.
Last one week high and low of the scrip stood at Rs. 549.00 and Rs. 512.75 respectively. The current market cap of the company is Rs. 4796.17 crore.
The promoters holding in the company stood at 69.59%, while Institutions and Non-Institutions held 20.20% and 10.22% respectively.
VRL Logistics has executed ‘Business Transfer Agreement’ with Vijayanand Travels on December 29, 2022 for sale of bus operations business undertaking through Slump Sale on a going concern basis. Out of the agreed upon consideration of Rs 23,000 lakh for the said transaction, a sum of Rs 22,500 lakh has already been received by the Company and the same has been utilized to reduce debt.
The bus operations business undertaking would vest with Vijayanand Travels with effective from January 01, 2023 and closing of the transaction would happen subject to fulfillment of certain approvals whereupon the balance consideration would also be received by the Company.
VRL Logistics is engaged in goods transportation and passenger transportation.
