Ramkrishna Forgings Limited announced today the divestment of its entire 100% equity stake in Globe All India Services Limited (GAISL) to Yatra Online Limited. The transaction, valued at INR 128 crore (net of debt), is set to proceed following the fulfillment of conditions outlined in the share purchase agreement (SPA) between Ramkrishna Forgings, Yatra Online, and GAISL.
As part of the deal, Ramkrishna Forgings will no longer retain any ownership in GAISL, which will no longer be a subsidiary of the company post-transaction. GAISL is not considered a material subsidiary of Ramkrishna Forgings, making the divestment a strategic move to streamline operations and focus on core business areas.
Completion of the divestment is contingent upon meeting all specified conditions and finalizing closing actions as detailed in the SPA. However, it is expected to be completed within three months.
