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Consequent to the above, Greenply Middle East, Dubai will cease as the subsidiary of the company.
The stake sale is subject to the approval of the members of the company and other necessary approvals, as may be required.
The company said that binding offer for a consideration of $1,573,836 has been received from the Investor Group. The sale is expected to be completed by 30 April 2024.
Greenply Industries has a leadership position in plywood industry with four manufacturing facilities spread across the country. The company provides interior products for the domestic and global markets including plywood, block board, flush doors, decorative veneers and PVC products.
The company's consolidated net profit tumbled 96% to Rs 0.82 crore in Q1 FY24 as against Rs 20.73 crore in Q1 FY23. However, net sales increased 5% YoY to Rs 476.14 crore in the quarter ended 30 June 2023.
Shares of Greenply Industries shed 1.15% to end at Rs 227.20 on the BSE.
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