Span Divergent Limited approves Mumbai property sale up to ₹5 crore

Span Divergent approved on November 5, 2026 the proposed sale of its Mumbai immovable property to Glorious Sales LLP for consideration not exceeding ₹5 crore, with the agreement for sale and completion both expected on or before March 31, 2027. The buyer is not part of the company’s promoter group or group companies.

What did Span Divergent approve on November 5, 2026?

Span Divergent approved the proposed sale of its property at B-1109, Kanakia Wall Street, Chakala, Andheri-Kurla Road, Andheri (East), Mumbai 400093, at its board meeting on November 5, 2026. The board authorised Viral Desai, managing director, to execute the required documents and complete the necessary formalities for the proposed transaction.

The consideration expected from the sale must not exceed ₹5 crore. The disclosure sets a ceiling rather than a fixed final sale price, and does not provide the property’s book value, independent valuation, historical cost, payment schedule, or expected accounting gain or loss from the disposal.

The board meeting began at 11:15 Indian Standard Time and concluded at 17:00 Indian Standard Time on November 5, 2026. At the same meeting, Span Divergent also approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, following the audit committee’s recommendation.

Which Mumbai property is Span Divergent selling?

Span Divergent is proposing to sell the immovable property at B-1109, Kanakia Wall Street, Chakala, Andheri-Kurla Road, Andheri (East), Mumbai 400093, Maharashtra. The filing identifies the property’s address but does not disclose its area, current use, title details, encumbrances, or whether the buyer will receive possession at agreement signing or completion.

The company classifies the transaction as a sale of immovable property, rather than a sale or disposal of a unit or division. As a result, it marked the property’s contribution to turnover, revenue, income and net worth during the last financial year as not applicable, rather than providing a business-segment contribution.

The filing also marks slump-sale disclosures as not applicable because the proposal concerns a single immovable property rather than an operating undertaking. That distinction means the ₹5 crore ceiling cannot be compared in this announcement with a disclosed division-level revenue, income or net-worth contribution.

Who is buying the Mumbai property from Span Divergent?

Glorious Sales LLP is the proposed buyer of the Mumbai property, and Span Divergent states that it does not belong to the company’s promoter, promoter group or group companies. Span Divergent further says the proposed sale does not fall within the scope of a related-party transaction.

This classification differs from a separate property decision approved on November 5, 2026. Span Divergent approved the lease of its Ahmedabad property at 27, Soham Industrial Park, Bareja-Dholka-Mahijada Road, Village Mahijada, to Dryfruit Factory LLP, identified in the filing as a material subsidiary.

The Ahmedabad lease is a related-party transaction, while the proposed Mumbai sale is not. Span Divergent said the lease would be undertaken on an arm’s-length basis and had been approved by its audit committee and board, whereas the Mumbai sale disclosure identifies Glorious Sales LLP as outside the promoter group and group companies.

The Ahmedabad lease is intended to facilitate Dryfruit Factory’s cashew processing or manufacturing operations and/or use as a commercial office. Its expected rental income is not to exceed ₹3 lakh a month, which is a recurring lease mechanism, unlike the Mumbai transaction’s one-time sale consideration capped at ₹5 crore.

When is the Mumbai property sale expected to close?

Span Divergent expects to execute the agreement for sale and complete the Mumbai property disposal on or before March 31, 2027. The November 5, 2026 filing describes the agreement as proposed, meaning it had not disclosed an executed agreement as of the board-meeting date.

The disclosure gives the same March 31, 2027 deadline for signing and completion, but does not list interim conditions or milestones. It does not specify buyer financing, regulatory approvals, property registration, payment timing, possession arrangements, or conditions that may affect closing before that date.

Viral Desai’s authority covers the execution of documents and completion of requisite formalities for the Mumbai transaction. Span Divergent does not state whether a further shareholder approval will be sought, nor does it disclose any intended use of proceeds from consideration of up to ₹5 crore.

The company’s other approved property arrangement has an earlier target date: the Ahmedabad lease agreement with Dryfruit Factory is proposed to be executed on or before December 31, 2026, subject to mutually agreed terms and conditions. The Mumbai sale’s March 31, 2027 deadline is therefore later than the lease-execution target.

What other commitments did Span Divergent approve alongside the sale?

Span Divergent also approved an additional corporate guarantee of ₹68 lakh in favour of HDFC Bank Limited for credit facilities availed or proposed to be availed by Dryfruit Factory. The additional amount raises the aggregate corporate guarantee to ₹5.68 crore, exceeding the maximum ₹5 crore consideration disclosed for the Mumbai property sale.

The company said the guarantee is issued for its material subsidiary and constitutes a contingent liability. Span Divergent stated that there is no immediate financial impact other than financial-statement disclosure, except to the extent of the ₹5.68 crore guarantee if Dryfruit Factory cannot meet its repayment obligations to the lender.

The filing does not connect the proposed ₹5 crore Mumbai sale with the ₹5.68 crore corporate guarantee, Dryfruit Factory’s credit facilities, or any other use of funds. The two amounts were approved at the same November 5, 2026 meeting, but they concern different mechanisms: a proposed property disposal and a guarantee for subsidiary borrowing.

Conclusion

Span Divergent has set out a proposed sale of its Mumbai property to Glorious Sales LLP for consideration of up to ₹5 crore, while identifying the buyer as outside its promoter group and group companies. The disclosure treats the transaction as an immovable-property sale rather than a disposal of a business unit, so it provides no property-level revenue, net-worth contribution or carrying-value comparison.

The next disclosed milestone is March 31, 2027, when Span Divergent expects both to execute the agreement and complete the sale. Readers can watch for an executed agreement, the final consideration within the ₹5 crore limit, and any later disclosure on the asset’s accounting effect or the use of sale proceeds.