Petron Engineering to change hands

Petron Engineering Construction Ltd has announced that Petron Investments Pvt Ltd (PIPL), a holding Company of the Company holding 3936327 Equity Shares of Rs 10/- each (52.22%) that:

1. PIPL has received letters from Amritha Sharanya Leasing & Investments Pvt Ltd (ASLI) and SRA Finance & Investments Pvt Ltd (SRA) that their Shareholders have entered into an Agreement with KazStroyServices PLC., UK for sale / transfer of 21,095 Shares in ASLI and 721530 Shares in SRA, subject to fulfillment of certain conditions and their getting approval from Govt. Authorities / RBI. ASLI and SRA hold 80% Shares in PIPL.

2. PIPL has also been informed by the following individual Shareholders that they have entered into an Agreement with the said KazStroyServices PLC., UK for sale / transfer of their respective Shareholding in PIPL as per the following details also subject to fulfillment of certain conditions and clearance from various Govt. Authorities / RBI authorities.

Name of the Shareholder

Mr. Jayakrishnan Nair - 7602 No of Shares of Rs 100/- each
Ms. Rajashree Dokras - 2534 No of Shares of Rs 100/- each
Ms. Sadhana Ambekar Nadkarni - 2534 No of Shares of Rs 100/- each
Ms. Sujata Ambekar - 2534 No of Shares of Rs 100/- each

If the conditions under the said Agreements are fulfilled and if the investments in ASLI and SRA by KazStroyServices PLC., UK is approved by the Govt. Authorities / RBI and upon the transfers in the holdings of ASLI and SRA as well as in the holdings of Mr. Jayakrishnan Nair, Ms. Rajashree Dokras, Ms. Sadhana Ambekar Nadkarni and Ms. Sujata Ambekar in PIPL being effected, then it will lead to the change in control / re-structuring in the Company after the consummation of acquisition leading to indirect acquisition.

Source : Equity Bulls

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