Converting unsecured loan given by Standard Industries Limited to Standard Salt Works Ltd, into Equity Share Capital of Standard Salt Works Limited (wholly owned material subsidiary)

• Security Code: 530017
• Company: SIL

Standard Industries Ltd has informed BSE that Standard Salt Works Ltd. (SSW), 100% wholly owned material subsidiary of the Company, has made a call of Rs. 70/- per share on the partly paid-up 46,777 Equity Shares. Standard Industries Limited in their Board Meeting held on February 10, 2017 have decided to subscribe to the uncalled share capital of Rs. 70/- per share on 46,777 partly paid equity shares.

Standard Salt Works Ltd. has by way of the Letter of Offer dated January 30, 2017 offered 5,37,000 Equity Shares of Rs. 100/- each aggregating Rs. 5,37,00,000/- (Rupees Five Crores thirty seven lakhs only) to the shareholders at a premium of Rs. 900/- per share in the proportion of 537 shares for every 47 Equity Shares held.

The unsecured loan given by Standard Industries Limited to SSW, accrued interest thereon till the date of acceptance of offer and unsecured business advances aggregate Rs. 53,97,61,729/- (Rupees Fifty three crores ninety seven lakhs sixty one thousand seven hundred twenty nine only). The Board of Directors in their meeting held February 10, 2017 have decided to convert the aforesaid unsecured loan, interest and business advances to the extent of Rs. 53,70,00,000/- (Rupees Fifty three crores seventy lakhs only) into Equity Shares and thereby have agreed to subscribe to the Rights Issue made by SSW.