Mindteck India to allot shares at Rs 100.30

Mindteck India Ltd has announced that the Board of Directors of the Company at its meeting held on April 01, 2008, inter alia, has approved the simultaneous issue and allotment on preferential basis of 15,35,000 equity shares and 6,75,139 equity shares in the Company having a face value of Rs 10/- at a premium of Rs 90.30 per equity share as fully paid-up to Embtech Holdings Ltd and the Independent Shareholders of Chendle Holdings Ltd respectively on share swap basis for the acquisition of Mindteck Singapore Pte Ltd, Mindteck UK Ltd and Chendle Holdings Ltd.

146,906 equity shares in the Company having a face value of Rs 10/- at a premium of Rs 63.54 per equity share as fully paid-up to Mr. Michael Johal and Mrs. Harjit Kaur Johal against issue proceeds of Rs 1,08,03,489/-.

Post this allotment, the holding of Embtech Holdings Ltd. (promoter Company) stands reduced from 65.34% to 65.32% of the total paid up equity capital of the Company.

Effective April 01, 2008, Chendle Holdings Ltd and its operating subsidiary, Primetech Solutions Inc., Mindteck Singapore Pte Ltd. and Mindteck UK Ltd will become the wholly owned subsidiaries of the Company.

Further the Company has informed that effective April 01, 2008 the Company's "Head of India Operations", Mr. Shankar Velayudhan has stepped down as the Company's 'Manager' under the Companies Act, 1956.

The Board has effective April 01 2008, appointed Mr. Pankaj Agarwal as the Company's Managing Director under the Companies Act, 1956, subject to shareholder and other necessary regulatory approvals being obtained by the Company.

Source : Equity Bulls

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