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| Exchange Disseminated Time 18/01/2016 11:42:54 | Sundram Fasteners Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 18, 2016, have given their consent for the following proposals:-
1. To raise funds through issue of Non-convertible Debentures (NCDs), not exceeding Rs. 300 Crores on Private Placement basis, proposed to be listed in one or more Stock Exchanges. The proceeds of Debenture issue are meant to augment long term resources for financing the Company's working capital requirements, capital expenditure and / or for general corporate purposes.
The above proposal is subject to approval by the shareholders through Postal Ballot.
2. To transfer equity shares representing 100% voting share capital of Cramlington Precision Forge Limited, United Kingdom (CPFL) and Sundram Fasteners (Zhejiang) Limited, China (SFZL) (wholly-owned subsidiaries of the Company) held by the Company to a new Holding Company to be formed in the United Kingdom, which would also be a wholly-owned subsidiary of the Company, for a consideration of approximately Rs. 250 Crores to be settled by way of swap of shares of the new holding Company.
The above proposal is subject to approval by the shareholders through Postal Ballot and other regulatory approvals under respective jurisdictions. |
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