Wearology board okays sale of stake in Gopi Resorts

New Delhi, Dec 6 (UNI) Wearology Ltd today said its board has approved the sale of its investment in Gopi Resorts Pvt Ltd for a consideration of Rs 34.55 crore.

The said sale is, however, subject to various legal formalities which include completion of the due diligence and is also subject to Gopi Resorts Pvt Ltd having valid title to the land owned by it and obtaining all the government and town planning approvals for the land owned by it, a company statement said.

The company will receive Rs eight crore in advance prior to commencement of the due diligence, returnable in the event the sale is not completed, the statement added.

UNI