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73,088.33
+599.34
+0.83 %
Corporate Announcement
Security Code
533758
Company
APL Apollo Tubes Ltd
Exchange Received Time
18/10/2018 18:51:24
Exchange Disseminated Time
18/10/2018 18:51:28
Time Taken
00:00:04
Outcome of Board Meeting |
10/18/2018 6:51:24 PM
This is in reference to the above captioned subject and in terms of the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), we wish to inform that the Board of Directors of the Company in their meeting held today i.e. Thursday, October 18th, 2018 at 4:00 P.M. concluded at 6.45 P.M. at the Corporate office of the Company situated at 36, Kaushambi, Near Anand Vihar Terminal, Delhi NCR, Ghaziabad, Uttar Pradesh - 201010, has inter-alia transacted the following businesses:
Considered and approved the acquisition/investment by Shri Lakshmi Metal Udyog Limited, a wholly owned subsidiary of the Company by way of entering into a Share Purchase Agreement for the acquisition of 80,30,030 Equity Shares and Options attached to 43,00,000 Warrants of Apollo Tricoat Tubes Limited ('Target Entity') which will together represent 40.43% of the fully diluted share capital of the Target Entity in terms of the provisions of Section 186 of the Companies Act, 2013 and relevant rules thereto. The aforesaid acquisition/investment would trigger the open offer requirement in terms of the provisions of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.
The details of the acquisition/investment as required to be disclosed in terms of the SEBI Circular no. CIR/CFD/CMD/4/2015 dated September 09, 2018 is mentioned in the 'Annexure'.
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