Asahi India Glass Limited announced that its subsidiary, AIS Consumer Glass Solutions Limited (“CG”), has agreed to divest its entire 34% stake in Under Par Sports Technologies Private Limited. The transaction involves the sale of 1,70,000 equity shares to private buyers, Mr. Anitya Chand and Mr. Karanpreet Bindra, for a total consideration of ₹9.05 Lakhs. The disposal of this stake will result in the Target Company ceasing to be an associate of the subsidiary and an indirect associate of the parent company.
Divestiture of Associate Holding Approved
The Board of Directors of Asahi India Glass Limited, during its meeting held on 24th March, 2026, approved a significant transaction involving its subsidiary, AIS Consumer Glass Solutions Limited (“CG”). The subsidiary entered into an agreement to sell its complete 34% stake in Under Par Sports Technologies Private Limited, referred to as the “Target Company.” The Target Company was previously classified as an Associate Company of CG and an Indirect Associate of Asahi India Glass Limited.
Transaction Details and Financial Impact
The transaction involves the sale of 1,70,000 equity shares, each having a face value of ₹10. The total consideration agreed upon for the disposal is ₹9.05 Lakhs, which is expected to be received in one or more tranches. The expected date for the completion of this sale/disposal is set for on or before 31st March, 2026.
Metrics of the Divested Entity
Information concerning the financial contribution of the Target Company during the last financial year (FY 2024-25) indicates minimal impact on Asahi India Glass Limited:
- Turnover Contribution (FY 2024-25): ₹0 Lakhs (0%)
- Net Worth (as on 31st March, 2025): ₹27.62 Lakhs (representing 9% of the relevant component for the parent entity).
Buyer Identification and Relationship Status
The buyers are identified as Mr. Anitya Chand and Mr. Karanpreet Bindra. It has been confirmed that the Buyer does not belong to the Promoter / Promoter group / Group companies of AIS. Furthermore, the company explicitly stated that this transaction does not fall under the purview of related party transactions. The sale does not constitute a slump sale, nor is it outside the scope of any Scheme of Arrangement.
Consequence of Completion
Upon the successful completion of the sale, the Target Company will cease to be an Associate of CG and an Indirect Associate of the Company, simplifying the corporate structure related to this investment.
Source: BSE
