Voltas completes the transfer of national commercial projects to a subsidiary

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Shares of Voltas Limited are in focus today as part of the announcement of financial results for the quarter ending June 30, 2022.

Further, the company has informed the exchanges that upon satisfactory completion of ‘conditions precedent’ as stipulated in the Business Transfer Agreement (BTA), previously signed on March 24, 2021 between the company and Universal MEP Projects & Engineering Services Limited (UM PESL), a wholly owned subsidiary of Voltas, the transaction closed on August 1, 2022, being the “closing date” for the transfer of domestic B2B businesses.

Accordingly, these B2B activities include project activities related to mechanical, electrical and plumbing (MEP) / heating, ventilation and air conditioning (HVAC) and water projects, mining equipment activities and Construction (M&CE) and Textile Machinery Division (TMD) operations, the company said in a filing.

After taking working capital adjustments into consideration, the consideration amount for the transfer of the aforementioned businesses is Rs 1,190 crore, he added.

At around 9.46am, Voltas was trading at 963.10 rupees per share, down 36.5 rupees or 3.65% from its previous close of 999.60 rupees per share on BSE.

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