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| Exchange Disseminated Time 02/02/2017 12:42:59 | With reference to the earlier letter dated November 28, 2016 informing of the initial investment of Rs.7.5 Cr. in the equity share capital of the JV Company referred above ("Tl Absolute") and the allotment of 75,00,000 equity shares of Rs.10/- each, at par, by the said JV Company towards the subscription made.
Tube Investments of India Ltd has now informed BSE that the Company has, in the second tranche, invested a further sum of Rs.2.5 Cr. in the share capital of Tl Absolute, in respect of which an allotment of 25,00,000 equity shares of Rs.10/- each, at par, has been made to the Company on February 01, 2017 by the said JV Company.
The investment is in accordance with the approval accorded by the Board of Directors of the Company at the meeting held on September 15, 2016 for investment of an amount not exceeding in the aggregate Rs.10 Cr., in one or more tranches, by the Company in the equity share capital of Tl Absolute, which was informed to the Stock Exchanges by letter dated September 15, 2016.
Post investment, the shareholding of the Company in Tl Absolute remains unchanged at 50%, with the balance 50% held by the Company's JV partner. |
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