Ramco will receive compulsorily convertible preference shares of Bundl in exchange for 46,15,83,065 equity shares of Lynks Logistics held by the company.
"Please be informed that the expected date of completion of sale / transfer, would be done on or before 31 August 2023,” the company said in a statement.
Ramco Industries (RIL) is a part of the Chennai-based Ramco Group and is primarily involved in the manufacture of asbestos-based FC sheets, which find application as a roofing material. Apart from FC sheets, RIL is involved in the spinning of cotton yarn and manufacturing of calcium silicate boards. RIL has a 100% subsidiary in Sri Lanka named Sri Ramco Lanka (Private) Limited, which is involved in manufacturing and marketing FC sheets in the country. The Ramco Group of companies has interests in cement, FC sheets, textiles and information technology.
The company reported 34.77% fall in consolidated net profit to Rs 39.57 crore on a 2.52% fall in sales to Rs 483.70 crore in Q1 FY24 over Q1 FY23.
The scrip shed 0.51% to currently trade at Rs 174.35 on the BSE.