|
| Exchange Disseminated Time | TVS Electronics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 23, 2011, has approved the unaudited financial results of the Company for the quarter ended June 30, 2011. The Net Sales for the quarter was Rs.4134 lakhs as against Rs.4536 lakhs for the corresponding quarter in the previous year. Some of the key customers have deferred their purchase to the second quarter which has had an impact on the revenue for the quarter.
The point of sale business (POS) has been registering quarter on quarter growth and offers significant growth avenues for the future. The Company continues to invest in offering end to end integrated products and services to leverage the opportunities.
Similarly in the case of Institutional sales segment, both Government and Banking & Financial Sectors expanding their reach to citizens and consumers through various projects and initiatives offer enormous growth opportunities and the Company is poised to grow its share of the market in this space.
2. As part of its growth initiatives, the Company in addition to its existing product portfolio of Transaction Automation products for various enterprises groups, also proposes to build solution and services capabilities, for providing enterprise solutions and managed services to the customers in sectors like Banking, Financial services, Retail, Hospitality, Health Care, etc.,
Recognising the changing mix and greater emphasis on services and solutions even from small and medium enterprises the Company has embarked on a transformation process. In this regard, a sub committee of the Board of Directors has been constituted with Mr. Balu Doraisamy, Mr. H Lakshmanan and Mr. D Sundaram, the Chairman of the Audit Committee, who will provide the risk management perspective in addition to Mr. Naryan K Seshadri an independent director on the Board of the Company's holding Company, TVS Investments Ltd.
3. The Company is engaged with strategic advisors in its growth initiatives as outlined above. The strategic advisor(s) wish to invest in the equity share capital of the Company.
The Board of Directors has therefore at the said meeting approved, subject to the approval of the Shareholders at the forthcoming Annual General Meeting of the Company and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (Regulations), offer on preferential basis, not exceeding 3,50,000 Warrants with underlying Equity Shares, to select strategic advisor(s) of the Company at one Equity Share for every one Warrant to be issued at a price to be fixed in accordance with the said Regulations.
4. Recognising the fact that human resources are key to the growth of the Company, the Board has in its meeting approved the institution of an Employees Stock Option Scheme, subject to the approval of the shareholders in a general meeting, for grant of options convertible to Equity Shares not exceeding 10% of the issued capital of the Company as on March 31, 2011 to:
a. Employees including Directors (whole time or not) of the Company
b. Director(s) of Company's Holding Company, namely TVS Investments Ltd" |
|
|