The Board of Directors of IFB Industries at its meeting held on 30 August 2019 has approved, subject to necessary approval of the Statutory Authorities, if any, to acquire as a going concern / running business, on a slump sale basis the Stamping Business and on asset purchase basis etc. the Motor Business from IFB Automotive at a consideration of Rs 35 crore and Rs 10 crore respectively. The above transactions will be related party transactions and the same will be done at arm''s length' basis.

This acquisition is in same field of business of IFB and will help in consolidation and growth of existing Business. The transaction is expected to be completed within Q3 of F.Y 2019-20.

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Net profit of IFB Industries declined 29.25% to Rs 10.06 crore in the quarter ended June 2019 as against Rs 14.22 crore during the previous quarter ended June 2018. Sales rose 13.25% to Rs 697.52 crore in the quarter ended June 2019 as against Rs 615.91 crore during the previous quarter ended June 2018.

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IFB Industries will hold a meeting of the Board of Directors of the Company on 25 July 2019.

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IFB Industries announced that the Annual General Meeting (AGM) of the company will be held on 26 July 2019.

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