Mysore Petro Chemicals Limited had invested GBP 770,000 in Blue Lotus International Limited (“Investee Company”) constituting 15.27% of the capital of the Investee Company.
The Investee Company has informed that the prevailing economic condition and the Covid-19 has caused severe disruption to its business. The business has come to standstill with no operational revenue. As a result of this, the Investee Company has initiated the process of its voluntary liquidation.
In view of the above, the Board of Directors of the Company at their meeting held today have considered and approved write-off of the above investments by the Company subject to such approvals as may be required.
Shares of MYSORE PETRO CHEMICALS LTD. was last trading in BSE at Rs.52.9 as compared to the previous close of Rs. 51.1. The total number of shares traded during the day was 1081 in over 22 trades.
The stock hit an intraday high of Rs. 53 and intraday low of 51.2. The net turnover during the day was Rs. 56116.