Nesco subsidiary to pursue the process of voluntary liquidation

18 Jan 2022 , 10:54 AM

Nesco Hospitality Private Limited (NHPL), a wholly-owned subsidiary of Nesco Limited has resolved to pursue the process of Voluntary Liquidation, the company said in a filing on Monday.

The Food and Beverages business was started by Company in the year 2015 and was being conducted in this wholly-owned subsidiary. From December 2017, this business is being conducted by ‘Nesco Foods’, a division of Nesco Limited which has helped further grow the business in alignment with existing divisions, and therefore, management of NHPL has now initiated the process of Voluntary Liquidation.

At around 10.56 am, Nesco Ltd was trading at Rs598.90 per share down by Rs3.7 or 0.61% from its previous closing of Rs602.60 per share on the BSE.

“NHPL is not a material subsidiary of Nesco Limited and dissolution of this subsidiary will not affect any business. Further, it will not impact materially on consolidated financials of Nesco Limited,” company said.

“The consideration received from such sale/disposal will be utilised in repayment of proceeds of liquidation, if any, after completion of Voluntary Liquidation process,” company said.