Mumbai: The Indian Card Clothing Company Limited has sold a commercial property in Pune for ₹13.2 crore, according to a regulatory filing with the stock exchanges.
The company said it executed a deed of assignment on July 3 for the sale of its commercial unit located at Amar Business Zone in Baner, Pune. The property comprises an aggregate built-up area of around 9,600 square feet and is identified as Unit B-801.
The commercial property has been acquired by Balaji Constro Realtech LLP for a total consideration of ₹13.20 crore. The deed of assignment was registered with the office of the concerned Sub-Registrar on July 3.
The company clarified that the buyer is an unrelated third party and is not part of its promoter, promoter group or group companies. It added that the transaction does not qualify as a related-party transaction under the applicable regulatory framework.
The Indian Card Clothing Company Limited is one of India’s oldest manufacturers of card clothing and precision metallic wires used in the textile spinning industry. The company supplies card clothing, flats, stationery components and related engineered products to textile mills in India and overseas. In addition to serving the textile sector, it has diversified into advanced engineering products through its precision engineering and materials businesses.