|
| Exchange Received Time 13/12/2017 16:40:56 Exchange Disseminated Time 13/12/2017 16:41:00 Time Taken 00:00:04 | This is to advise that in the meeting held today the Board of Directors of Singer India Limited approved acquiring 10,00,000 equity shares (Face Value Rs. 10 each) of Brand Trading ( India) Private Limited (BTIL) from BTIndia Limited, a company incorporated in British Virgin Islands ( holding 999,999 equity shares in BTIL) and Singer (Thailand) BV, a Company incorporated in Netherlands (holding 1 equity share in BTIL) at a consideration of Rs. 16.52 per equity share calculated at 95% of the value arrived and certified by a Practicing Chartered Accountant under the relevant guidelines. The investment which will be subject to any further approvals as may be required once materialized will make BTIL a 100% subsidiary of Singer India Limited.
BTIL was incorporated on 24th June 2005 with a view to carrying on wholesale trading business in India by Singer. This company will be pursuing this business further as a separate 100% arm of Singer India.
|
|
|