Event Details
The Board of Directors of Goodricke Group Limited approved the sale of certain art-works owned by the Company as part of a strategic decision. The assets were sold through an auction process.
Materiality Assessment
The transaction crossed the applicable quantitative materiality threshold, being the lower of: (a) two percent (2%) of the Company's last audited turnover; (b) two percent (2%) of its last audited net worth; and (c) five percent (5%) of the average of the absolute value of profit or loss after tax, based on the last three audited financial statements. The management considered the information material from the perspective of shareholders and other stakeholders due to qualitative aspects and the transaction being outside ordinary business course.
Transaction Characteristics
- Not a related party transaction (conducted through auction process at arm's length)
- Assets comprise collections of art-works considered non-core assets
- Not part of the Company's business operations
Rationale and Objective
The sale is part of a strategic decision by the Board of Directors to divest non-core assets, thereby unlocking value and focusing on the core business activities of the Company.
Transaction Details
- Sale conducted through public auction process
- Aggregate sale proceeds: INR 27.75 Crores (approximately)
- Auction date: September 16, 2026
- Sold to multiple successful bidders through auction process
- No promoter/promoter group/group company interest in the assets sold
Financial Impact
The sale will have a positive impact on the cash position of the company.