Further, due diligence process is ongoing by a leading asset management company. The transaction is likely to be completed including receipt of sales proceeds shortly. The sale consideration will be utilized for repayment of debt to lenders of the promoter company, resulting in release of entire present pledged equity shares, the company said in a statement on Monday.

Time Technoplast is a leading technology based innovative polymer product manufacturer. Its product line caters to diverse segments like industrial packaging, infrastructure, lifestyle, healthcare, composites and auto components related products. The company has presence in India, Thailand, Taiwan, Indonesia, Vietnam, Malaysia, UAE, Bahrain, Saudi Arabia & Egypt.

The company's consolidated net profit rose 6.3% to Rs 55.50 crore on 9.2% increase in net sales to Rs 1,038.96 crore in Q4 FY22 over Q4 FY21.

Shares of Time Technoplast hit a 52 week high of Rs 111.70 today, rising over 11% in three straight trading sessions.