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Elitecon International Limited updates on OFS
Posted On : 2023-07-10 19:58:28( TIMEZONE : IST )
The Board of Directors of Elitecon International Limited, at its meeting held today i.e. Monday, July 10, 2023, which commenced at 5.00 P.M. and concluded at 5.30 P.M. has taken note of the fact that the Offer for Sale (OFS) by one of the Promoters (Selling opened on May 05, 2023 and closed on May 25, 2023 could not be successfully completed as one of the investors was a Corporate Body which makes it ineligible from being classified as a QIB in term of regulation 2(1)(ss) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018. Hence, the Board decided to request the Selling Promoter to make a fresh OFS to QIBs in order to comply with the minimum public shareholding requirement specified under Securities Contracts (Regulation) Rules, 1957, in compliance with Chapter- VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018.
The board aApproved the Offer for Sale of 1,87,400 (One Lakhs Eighty Seven Thousand Four hundred) Equity Shares by one of the Promoters of the Company, at a price of Rs. 30 (Rupees Thirty Only) per Equity Share (the "Offer for Sale Price"), including a premium of Rs 20 (Rupees Twenty Only) per Equity Share aggregating to INR 56,22,000 (Indian Rupees Fifty Six Lakh Twenty Two Thousand only) through a qualified institutions placement, in terms of Chapter VI of SEBI (ICDR) Regulations, 2018 as amended (the "SEBI (ICDR) Regulations") and/or any other permissible mode(s), in accordance with the SEBI (ICDR) Regulations and other applicable regulations.
The board also took note of the Non-Compliance made under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and year ended March 31, 2023 and accordingly paid the fine of INR. 47,200 (Indian Rupees Forty Seven Thousand Two Hundred Only) to BSE Limited. The Board discussed the same and ensured that the compliances will be made in a timely manner and that same should not be repeated in the future.
