Everest Kanto Cylinder Limited updated the exchanges with regards to the sale of a subsidiary in China, EKC Industries (Tianjin) Co. Ltd., that the buyer You Yuan Office Union (Tianjin) Co. Ltd. received the requisite approvals from Chinese authorities for making outward remittance.
Accordingly, as per the Agreements and Amendments thereto, the Shareholders of EKC Industries (Tianjin) Co. Ltd. i.e. Everest Kanto Cylinder Limited, India and EKC International FZE, Dubai (Wholly Owned Subsidiary of Everest Kanto Cylinder Limited in Dubai) have received the remittance equivalent of RMB 85.39 Million post retention of RMB 8.11 Million, towards the Equity Sales Proceeds of EKC Industries (Tianjin) Co. Ltd.
On March 31, 2021, Everest Kanto Cylinder Limited has received in India a remittance equivalent of RMB 54.62 Million and EKC International FZE, Dubai has received a remittance equivalent of RMB 30.77 Million, proportionate to their Shareholding of 63.96% and 36.04% respectively in EKC Industries (Tianjin) Co. Ltd.
At around 10.15 am, Everest Kanto Cylinder Ltd was trading at Rs82.10 per piece up Rs3.80 or 4.85% on the BSE.