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| Exchange Disseminated Time 06/10/2016 15:30:11 | Orient Cement Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 06, 2016, inter alia, has considered and approved the following;
1. Considered and accorded its consent to acquire 28,09,66,000 (Twenty Eight Crore Nine Lakh and Sixty Six Thousand) equity shares of Bhilai Jaypee Cement Limited ("BJCL") (constituting 74% of the total equity share capital of BJCL) from Jaiprakash Associates Limited ("JAL") and 752 (Seven Hundred and Fifty Two) equity shares of BJCL from the nominee of JAL, for a total enterprise value of Rs. 1450,00,00,000 (Rupees One Thousand Four Hundred and Fifty Crores Only) subject to adjustment on account of working capital and net debt of BJCL ("Share Purchase"), which shall then be pro-rated to the shareholding of JAL in BJCL (i.e. 74%). The Share Purchase has been approved by the Board of Directors, subject to the requisite approvals of the shareholders of the Company in accordance with the Section 186 of the Companies Act 2013. The Share Purchase is also subject to satisfactory negotiation and execution of the definitive agreements, compliance with applicable laws and receipt of relevant regulatory/third party consents, as may be required. The Board has approved the execution of a binding offer letter for the Share Purchase to be entered into between the parties.
2. Considered and accorded its consent to acquire the Nigrie Cement Grinding Unit of Jaiprakash Power Ventures Limited ("JPVL") situated at Nigrie, District Singrauli, Madhya Pradesh ("Business Undertaking") as a going concern, for a total consideration of Rs. 500,00,00,000 (Rupees Five Hundred Crores Only) subject to adjustment on account of working capital and net debt of the Business Undertaking ("Business Transfer"). The Business Transfer is also subject to satisfactory negotiation and execution of the definitive agreements, compliance with applicable laws and receipt of relevant regulatory/third party consents, as may be required. The Board has approved the execution of a binding offer letter for the Business Transfer, to be entered into between the parties.
In this regards, the Company has submitted to BSE a copy of Press Release and Investor Presentation October 2016. |
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