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| Exchange Disseminated Time | Stovec Industries Ltd has informed BSE that :
The Investment Committee at its meeting held on May 29, 2014
1. finalized and concluded the negotiation of all documents related to the acquisition of 100% Equity Shares of Atul Sugar Screens Private Limited and Purchase of assets from Atul Electro Formers Limited;
2. also approved the agreements and related documents to be executed for above mentioned transactions; and
3. approved the acquisition of 100% Equity Shares of Atul Sugar Screens Private Limited and Purchase of assets from Atul Electro Formers Limited.
Additionally, based on the recommendation of the Investment Committee, the aforesaid transaction has been ratified and approved by the Board of Directors of the Company at its meeting held on May 29, 2014.
The agreement pertaining to above acquisition has been executed on May 29, 2014. Consequent to the aforesaid, Atul Sugar Screens Private Limited will become a wholly owned subsidiary of Stovec Industries Limited. |
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