Talbros Automotive Components on Thursday announced that the company has sold its Land & building admeasuring ~1.67 acres situated at Plot No. 22-B, (NP), Ambattur Industrial Estate, Chennai, in the state of Tamil Nadu.
Talbros said, "The manufacturing operations at the above land was discontinued and duly intimated to the stock exchanges vide letter dated August 14, 2014. Accordingly, this will have no impact on the operations of the company."
"The proceeds of the sale amounted to Rs21cr on a gross basis. The net proceeds after deduction of statutory liabilities would be utilized towards reducing debt and strengthening the balance sheet of the company," Talbros added.
On Sensex, Talbros ended at Rs238.05 per piece down by 2.7%.