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| Exchange Disseminated Time 14/02/2017 13:58:08 | Adani Ports and Special Economic Zone Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 14, 2017, inter alia, has transacted the following;
1. The Board approved the request for re-classification of the following Promoter Group Members' shareholding status in the Company from "Promoter Group Shareholder" to the "Public Shareholder” in compliance with the provisions of Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, subject to statutory and other approvals as may be required in this regard.
- Mr. Rakesh Ramanlal Shah
- Ms. Pritiben Rakeshbhai Shah
- Mr. Bhavik Bharatbhai Shah
- Ms. Surekha Bhavikbhai Shah
- Mr. Vinod Sanghavi
2. The Board approved the Buy-back of 11,700 Non-Convertible Debentures (NCDs) aggregating to Rs. 1170 crores from the existing Debenture Holders in one or more tranche through negotiated deals as may be agreed out of total outstanding 56,160 NCDs of face value of Rs. 10 Lakhs each listed on Wholesale Debt Market Segment of BSE Limited.
3. The Board has considered and approved the Scheme of Arrangement between Adani Ports and Special Economic Zone Limited and The Adani Harbour Services Private Limited and their respective shareholders and creditors (“Scheme") under sections 230 to 232 of the Companies Act. 2013. The Adani Harbour Services Private Limited is a wholly owned subsidiary of the Company. As per the Scheme, Marine Business Undertaking of the Company will be demerged into The Adani Harbour Services Private Limited on a Slump Sale [section 2 (42C) of the Income-Tax Act, 1961] basis for lump-sum cash consideration.
The Scheme is subject to requisite Statutory and Regulatory approvals and sanction by the National Company Law Tribunal, BSE Limited. National Stock Exchange of India Limited, the respective shareholders and creditors of each of the companies involved in the scheme. |
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