UV Boards to buy Uniply Industries’ plywood division
DSIJ Intelligence / 12 Aug 2017
An announcement was made by plywood major Uniply Industries that it will sell its plywood division to UV Boards, an associate company.
An announcement was made by plywood major Uniply Industries that it will sell its plywood division to UV Boards, an associate company. The agreement has already been finalised at Rs 300 crore, the funding for which will be done by UV Boards through the issuance of shares worth Rs 111 crore to Uniply and a cash consideration.
The transaction will help Uniply increase its stake in UV Boards to 37.11%. Uniply will also get the right to nominate four members to UV Boards’ directorial board.
UV Boards will shell out Rs 42 crore for the purchase of Uniply Industries’ facility at Gujarat and the trademark of Uniply will be licensed to UV Boards for Rs 75 crore, to be paid equally over 10 years, in advance at the start of the year. The funds so raised with help Uniply repay its long-term debts and oustandings, along with that of its subsidiaries, to the tune of of Rs 145 crore.
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