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| Exchange Disseminated Time 28/11/2016 15:42:31 | With reference to the earlier letter dated September 15, 2016 about the signing of the Joint Venture Agreement (“JVA") with M/s. Absolute Speciality Foods Chennai Private Limited (“Absolute") for the establishment of a joint venture company viz., Tl Absolute Concepts Private Limited (“Tl Absolute”).
In this regard, Tube Investments of India Ltd has now informed BSE that pursuant to the JVA, the Company has on November 28, 2016 invested Rs. 7.5 Crores towards subscription to the equity share capital of Tl Absolute and the Company has been allotted 75,00,000 equity shares of the face value of Rs. 10/- each, at par, by Tl Absolute. The Company now holds 50% of the equity share capital of Tl Absolute, with the balance 50% being held by the Company's JV partner. |
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