Mindteck India Ltd has informed that the sad demise of its Chairman Mr. M G Ved on January 30, 2008. The Companys Board has appointed Mr. Satish Menon as its Chairman until the conclusion of the current financial year.
Further the Company has informed, the Board of Directors of the Company at its meeting held on January 31, 2008 has approved the simultaneous issue and allotment on preferential basis of:
i. 1,926,291 equity shares, 8,02,000 equity shares and 320,149 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 Banco Efisa S.A,, Tadhamon I.I, Bank and Mr. Mahesh Tharani respectively (constituting 9.01%, 3.75% and 1.50% respectively of the total post issue paid up equity share capital of the Company) against issue proceeds of Rs 22.41 crores; and
ii. 6,600,000 equity shares and 1,200,000 equity shares in the Company having a face value of Rs 10/- at a premium of Rs 88.50 per equity share as fully paid up to Embtech Holdings Ltd and Mr. Pankaj Agarwal, shareholders of ICI Tech Holdings Inc., on a share swap basis, as consideration for the acquisition of 100% of the equity capital of ICI Tech Holdings Inc.
Banco Efisas holding in the Company post this preferential allotment stands at 12.75% and the holding of Embtech Holdings Ltd (promoter Company) stands reduced from 69.98 to 65.34% of the total paid up equity capital of the Company.
Effective February 01, 2008, ICI Tech Holdings Inc and its operating subsidiary Infotech Consulting Inc will become the wholly owned subsidiaries of the Company.
Further the Company has informed, the Board of Directors of the Company at its meeting held on January 31, 2008 has approved the simultaneous issue and allotment on preferential basis of:
i. 1,926,291 equity shares, 8,02,000 equity shares and 320,149 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 Banco Efisa S.A,, Tadhamon I.I, Bank and Mr. Mahesh Tharani respectively (constituting 9.01%, 3.75% and 1.50% respectively of the total post issue paid up equity share capital of the Company) against issue proceeds of Rs 22.41 crores; and
ii. 6,600,000 equity shares and 1,200,000 equity shares in the Company having a face value of Rs 10/- at a premium of Rs 88.50 per equity share as fully paid up to Embtech Holdings Ltd and Mr. Pankaj Agarwal, shareholders of ICI Tech Holdings Inc., on a share swap basis, as consideration for the acquisition of 100% of the equity capital of ICI Tech Holdings Inc.
Banco Efisas holding in the Company post this preferential allotment stands at 12.75% and the holding of Embtech Holdings Ltd (promoter Company) stands reduced from 69.98 to 65.34% of the total paid up equity capital of the Company.
Effective February 01, 2008, ICI Tech Holdings Inc and its operating subsidiary Infotech Consulting Inc will become the wholly owned subsidiaries of the Company.
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