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| Exchange Disseminated Time 17/12/2015 16:02:48 | Somany Ceramics Ltd has informed BSE that subsequent to the approval accorded by the Board of Directors of the Company, at its meeting held on March 24, 2015 and the special resolution passed by the shareholders of the Company on May 02, 2015 by way of postal ballot for the QIP, the Company Administrative Committee ("Committee") of the Company on December 17, 2015 has, inter alia passed the following resolutions:
1. Authorising the opening of the QIP on December 17, 2015.
2. Approving the preliminary placement document dated December 17, 2015 In connection with the Issue, (the "Preliminary Placement Document"); and
3. Recorded the floor price for the Issue i.e. Rs. 357.24.
Further the Company has informed that, the 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is December 17, 2015 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs. 357.24 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations the Company may offer a discount of not more than 5% on the floor price so calculated for the Issue. |
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