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| Exchange Received Time 25/03/2017 14:29:29 Exchange Disseminated Time 25/03/2017 14:29:34 Time Taken 00:00:05 | | In continuation to the Board of Directors of the Company held on 14th February 2017 in which it was decided that MPS Telecom Private Limited ('MTPL'), a telecom distribution company, be merged with the Company through a scheme of arrangement it is further decided and approved that, subject to necessary compliances of the Companies Act, 2013 and SEBI Regulations, the 100% of the share capital of MPS Telecom Private Limited be acquired by the Company for an all-cash deal. The acquisition of the 100% equity shares would require a total investment of Rs. 35 crores. The board also decided that after acquiring the 100% equity shares and making MTPL a wholly owned subsidiary of the Company, the same may be merged with the Company in terms of section 233 of the Companies Act, 2013 i.e. under the Fast Track merger facility. |
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