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| Exchange Disseminated Time 16/09/2016 16:42:15 | Polychem Ltd has informed BSE that Polychem Limited and AVX Corporation, U.S.A. had promoted Gujarat Poly-AVX Electronics Limited in the year 1990. Polychem Limited, AVX Corporation and Gujarat Poly-AVX Electronics Ltd, have entered into Share Purchase-cum-Termination Agreement. As per this Agreement, AVX Corporation has agreed to sell its 1,749,998 equity shares held by AVX Corporation of Gujarat Poly-AVX Electronics Limited to Polychem Limited, since polychem limited has first right of refusal, subject to fulfillment of certain conditions precedent.
All the parties to the Agreement are taking necessary steps for completion of their part of the obligation. |
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