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BSE SENSEX
74,339.44
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Corporate Announcement
Security Code
500233
Company
KAJARIA CERAMICS LTD.
Exchange Received Time
04/06/2018 17:07:26
Exchange Disseminated Time
04/06/2018 17:07:35
Time Taken
00:00:09
Execution Of Agreements For The Proposed Investment By Aravali Investment Holdings, Mauritius ('Aravali'), A Wholly-Owned Subsidiary Of Westbridge Crossover Fund, LLC In Kajaria Bathware Private Limited ('KBPL'), A Wholly-Owned Subsidiary Of The Company |
06/04/18 17:07
This is in furtherance to our letter dated April 28, 2018, wherein we had informed about the non-binding Letter of Intent ('LOI') received from Aravali Investment Holdings, Mauritius ('Aravali'), a wholly-owned subsidiary of WestBridge Crossover Fund, LLC, for making investment of INR 64.50 crores in Kajaria Bathware Private Limited ('KBPL'), a wholly-owned subsidiary of Kajaria Ceramics Limited (the 'Company') through subscription of Compulsorily Convertible Preference Shares' ('CCPS') of KBPL, subject to execution of necessary agreements/documents and applicable compliances.
Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Listing Regulations') read with the SEBI's Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, we wish to inform you that Aravali has executed a Share Subscription Agreement ('SSA') with KBPL and a Shareholders' Agreement ('SHA') with KBPL, the Company and promoters of the Company.
Pursuant to the execution of the said Agreements, Aravali has agreed to invest Rs. 64.50 crores through subscription of Compulsorily Convertible Preference Shares' ('CCPS') of KBPL, subject to fulfilment of Conditions Precedent in the said agreements.
Post issuance of the said CCPS, the existing shareholding of the Company in KBPL will get diluted by 15% [i.e. shareholding of the Company would be around 85% of post-issuance capital (on fully diluted basis) of KBPL].
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