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| Exchange Disseminated Time | Somany Ceramics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 13, 2014, has approved the following corporate actions:
1. Issue and allotment of 43,47,826 equity shares of Rs. 2/- each of the Company (“Equity Shares”) representing approximately 11.19% of the post-preferential issued and paid-up share capital of the Company, at a premium of Rs. 113/- each, for a total consideration of Rs. 49,99,99,990/- to Latinia Limited, Mauritius, an affiliate of Creador II LLC(Non Promoter Category), on preferential allotment basis, subject to the approval of the shareholders of the Company in a general meeting and subject to and in compliance with all applicable laws including without limitation the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“SEBI ICDR Regulations”), enabling provisions of the Memorandum and Articles of Association of the Company and the Listing Agreements entered into with the relevant stock exchanges and subject to other customary conditions precedent including the execution of definitive documents and other requisite approvals from regulatory and other authorities as may be required. The Board has approved the issue price of Rs. 115/- (Rupees One Hundred and Fifteen only) per equity share in accordance with Chapter VII of the SEBI ICDR Regulations. The Board has also approved convening of an Extra-Ordinary General Meeting of the Shareholders of the Company to be held on February 10, 2014, at Lakshmipat Singhania Auditorium at PHD Chamber of Commerce and Industry, PHD House, 4/2, Siri Institutional Area, August Kranti Marg, New Delhi-110016, at 10.00A.M., for the proposed preferential allotment.
3. The “Relevant Date” as per the SEBI ICDR Regulations for determination of minimum applicable price for issue of the aforesaid equity shares is January 10, 2014 (i.e. 30 days prior to the date on which meeting of the General Body of shareholders is to be held in terms of Section 81 (1A) of the Companies Act, 1956 to consider the proposed issue of the Equity Shares. Where the relevant date falls on a weekend/holiday, the day preceding the weekend/holiday will be reckoned to be the relevant date). |
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