Friday, October 22, 2021

CGVAK gets board approval for purchase of land and building | Impact

CG-VAK Software & Exports gets board approval for purchase of land and building worth Rs15.80cr

CG-VAK Software & Exports Ltd has informed that the Board of Directors of the company on October 21, 2021 has approved the purchase of land and building measuring 0.92.50 Acres at Coimbatore for a consideration of Rs15.80cr.

The Purchase is from an un-related party. The purchase will be funded to the extent of Rs3cr through Term Loan, and balance through internal accruals, said company in a regulatory filing.

This purchase is made with the present and future requirement of the Company in mind, it added.

Impact on Stock

Stock  reacts on this news positively and up nearly 5 % today. Currently 171 - 176 is good support zone. In short term stock can test 202 - 222  levels.

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