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| Exchange Disseminated Time | Indo Tech Transformers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 24, 2014, has passed the following resolution:
1. Approval of a proposal of "Subvention" (as described below) from Prolec-GE International S de R L de C V., the promoter of the Company (the "Promoter".)
The Subvention is a one-time, voluntary, non-repayable, financial grant of an amount equivalent to US $ 25 million (the "Grant") that will be given by the Promoter to the Company in terms of an agreement between the Promoter and the Company, to stabilise the net worth of the Company in order to protect the investment of the public shareholding in the Company. |
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