Asahi India Glass Limited announced that its subsidiary, AIS Consumer Glass Solutions Limited (“CG”), has finalized the sale of its entire 34% stake in Under Par Sports Technologies Private Limited, an Associate Company. The transaction was approved on March 24, 2026, involving the sale of 1,70,000 equity shares for a total consideration of ₹9.05 Lakhs. Upon completion, the Target Company will cease to be an associate of the subsidiary and an indirect associate of the parent company.
Divestment of Associate Stake Approved
The Board of Directors of Asahi India Glass Limited has been informed regarding a significant transaction approved by its subsidiary, AIS Consumer Glass Solutions Limited (“CG”). On March 24, 2026, CG entered into an agreement to sell its entire 34% stake in Under Par Sports Technologies Private Limited (the “Target Company”). This Target Company was previously classified as an Associate Company of CG and an Indirect Associate of Asahi India Glass Limited.
Transaction Details and Consideration
The disposal involves the sale of 1,70,000 equity shares, each having a face value of ₹10. The total consideration agreed upon for this complete stake sale amounts to ₹9.05 Lakhs, which is to be received by CG in one or more tranches. The expected date for the final completion of this sale is set for on or before March 31, 2026.
Impact on Company Structure
The buyers of the stake are identified as Mr. Anitya Chand and Mr. Karanpreet Bindra. Crucially, the disclosure confirms that the buyers do not belong to the Promoter / Promoter group or Group companies of Asahi India Glass Limited. Furthermore, the transaction is explicitly stated not to fall under the purview of related party transactions. Once the disposal is complete, the Target Company will no longer hold any associated status with the subsidiary or the parent entity.
Financial Metrics of the Divested Entity
Information regarding the Target Company’s financial contribution in the last fiscal year (FY 2024-25) shows minimal impact on Asahi India Glass Limited:
- Turnover Contribution (FY 2024-25): ₹0 Lakhs (0% contribution to turnover).
- Net Worth Contribution (As on March 31, 2025): ₹9 Lakhs, representing 0% of the total net worth, based on a reported value of ₹27.62 Lakhs for the entity.
Source: BSE
