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| Exchange Disseminated Time | Eros International Media Ltd has informed BSE that the Company had previously informed that the Board of Directors of the Company had approved the acquisition of 100% stake in Universal Power Systems Private Limited (“UPSPL”) from its shareholders.
The Company has obtained the shareholders approval by way of postal ballot on March 26, 2015 for preferential allotment of up to 950,000 equity shares of Rs. 10/- each of the Company, to the shareholders of UPSPL, in accordance with the Share Swap ratio (900.97 equity shares of Eros international Media Limited against 1 equity share of Universal Power Systems Private Limited) at the fair valuation of Rs. 388.47 per equity share of the Company: computed by Independent Valuer.
Further, the Company has received, (i) the approval of the Foreign Investment Promotion Board vide approval letter dated July 20, 2015, and (ii) in principle approval from BSE Limited on April 30,2015 and National Stock Exchange of India Limited on April 22, 2015 for issue and allotment of 900,970 equity shares of Rs. 10/- each of the Company.
The Company has now wish to informed that following the receipt of the above-mentioned approvals and satisfaction of relevant closing conditions, the parties have achieved closing and the entire shareholding of UPSPL has been transferred to the Company and its nominee, Mr. Sunil Lulla. In addition, the Board of Directors of the Company at its meeting held on August 01, 2015 issued and allotted 900,970 equity shares of Rs. 10/- each of the Company, to the shareholders of UPSPL . |
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