EFSL Comtrade Limited ('EFSL Comtrade'), a wholly owned subsidiary of the Company, has today closed the transaction with fulfilment of the conditions precedent pursuant to the Share Sale & Purchase Agreement ('Agreement') executed with Searock International Pvt Ltd. (Buyer/SIPL) on September 5, 2017, for sale of its wholly owned subsidiary in Singapore namely Cross Border Synergy Pte. Ltd. (Formerly Edelweiss Commodities Pte. Ltd.) for a consideration of Rs. 8.47 crores.
Searock International Pvt Ltd. is in the business of trading in bulk commodities, minerals, and other products and the aforesaid transaction is not with the Promoter/Promoter Group and also do not fall under the related party transactions.
Consequent to the above, Cross Border Synergy Pte. Ltd. ceases to be a subsidiary of EFSL Comtrade and, in turn of the Company.