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Stock Report
W S Industries India Ltd approves preferential issue at Rs. 12.50
Posted On : 2022-04-30 16:52:27( TIMEZONE : IST )
The Board of Directors of W S Industries India Ltd at its meeting held on April 30, 2022 has taken on record the Share Purchase Agreement ("SPA") between Existing Promoter Group of the Company, M/s. Trala Electromech Systems Private Limited, Mr.Narayan Sethuramon, M/s. Bluechip Investments Private Limited, M/s. Vensunar Private Limited, M/s.Galaxy Investments Private Limited and Ms. Suchitra Murali Balakrishnan collectively "Sellers", Mr.CK Balasubramaniam, Mr. S Aravindan, Mr. S Nagarajan, Mr. Prakash K.V, M/ s. Trineva Infra Projects Private Limited collectively "Purchasers", along with Mr. C K Venkatachalam and Mr. S Anandavadivel, collectively as "Confirming Parties", collectively all parties as "Acquirers" for the sale of 96,02,182 equity shares of the company at a price of Rs.12/- per share constituting 36.56% of the existing shareholding of the Company and execution by the Company as a party thereto.
The board also approved issue of 46,34,224 equity shares of face value of Rs.10/- to the Acquirers (named above) as investors (other than existing promoters) on a preferential basis ("Preferential Issue") in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws, at a price of Rs.12.50/- (including a premium of Rs. 2.50) per equity share as determined in compliance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 whichever is higher, aggregating to Rs. 5,79,27,800/- (Rupees Five Crores Seventy Nine Lakhs Twenty Seven Thousand and Eight Hundred only), subject to approval of regulatory / statutory authorities and the shareholders of the Company.
The Relevant Date in relation to the issue of shares in accordance with SEBI ICDR Regulations would be May 02, 2022.
The board approved execution of related documents for Preferential Issue to the Acquirers and seek shareholders approval for the above through Postal Ballot (including e-voting).
