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| Exchange Disseminated Time | Eros International Media Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2015, inter alia, has approved the acquisition of 100% stake in Universal Powers Systems Private Limited ("UPSPL"), subject to the approval of the shareholders of the Company by postal ballot, applicable regulatory approvals and other closing conditions customary to transactions of this nature. UPSPL is in the business of mobile Value Added Services that has billing integration in place with major telecom operators in India, trading by the name of "Techzone".
The said acquisition shall subject to regulatory approvals be for non-cash consideration, i.e., by issuance of new equity shares of the Company to the promoters of "UPSPL" by way of a preferential allotment as per the applicable provisions of the Companies Act, 2013, the rules made thereunder, the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and the Listing Agreements entered into with relevant stock exchanges. The Board also inter-alia approved entering and execution of definitive agreements in this regard and sending of a postal ballot notice to the shareholders of the Company to approve the proposed allotment of equity shares to the promoters of UPSPL on a preferential basis. |
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