| ||Execution of Shareholders Agreement | 5/27/2010 6:39:52 PM|| |
| ||Dai-Ichi Karkaria Ltd has informed BSE that the Company on May 27, 2010 has executed a Tripartite Shareholders Agreement with CTI Chemicals Asia Pacific Pte. Ltd. (CTI CAP), incorporated under the laws of Singapore and its Wholly Owned Subsidiary Basic Oil Treating (India) Ltd. (BOTI) incorporated under the laws of India, for establishing a Joint Venture in BOTI, for manufacture and marketing of Specialty Chemicals for the Oil and Gas production, Transportation and Refinery Industries.|
Pursuant to the Agreement and on compliance of the applicable provisions of law:
1. BOTI will make a preferential issue of 11,25,000 fully paid equity shares of Rs. 10/- each at a premium of Rs. 23/-, to CTI CAP.
2. On subscription and allotment of the aforesaid shares by CTI CAP, the shareholding in BOTI, will be held by the Company and CTI CAP in the ratio of 50:50.
3. BOTI will cease to be a subsidiary of DIK.