Eveready Industries spikes 10% after HC allows sale of property

Eveready Industries
Eveready Industries jumped 10% in early trade on December 26 after the company was allowed to go ahead with the sale of its property at Hyderabad.

The company, in its filing, said, "...the Hon’ble High Court of Delhi, has been pleased to vacate the said ad‐interim order of injunction to the extent that the Company has been allowed to go ahead with the sale of the property at Hyderabad in terms of the Agreement for Sale dated August 30, 2019."

While the Hon’ble High Court of Delhi, in reference to a matter filed against some of the promoters of the Company, with regard to certain alleged dues, had passed an ad‐interim ex‐part order of injunction by which, inter alia, the Company had been restrained from selling, transferring, alienating, disposing, assigning, dealing, encumbering or creating third party rights on any of its assets, and carrying out any change in its capital structure, or any corporate or debt restructuring till the date of the next hearing in the matter.

The said matter was heard on December 24, 2019. However, the hearing could not be completed and the interim order of injunction continues till the date of the next hearing in the matter. Meanwhile, the court has allowed the sale of the said property.
Eveready Industries India Ltd is currently trading at Rs57.25 up by Rs3.3 or 6.12% from its previous closing of Rs53.95 on the BSE.
The scrip opened at Rs55 and has touched a high and low of Rs59.30 and Rs55 respectively. So far 17,72,498 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs392.11cr.

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