Vinay Cements - Outcome of Board Meeting
Vinay Cements Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 25, 2008, has approved, subject to the shareholders and lenders approval, the voluntary delisting of equity shares of the Company from all stock exchanges, including the Bombay Stock Exchange Ltd.
The Company has entered into an agreement with Deutsche Investitions? und Entwicklungsgesellschaft mbH (DEG) a strategic investor based in Germany,
Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden N.V (FMO), a strategic investor based in Netherlands and its subsidiaries Calcom Cement India Ltd (CCIL) & RCL Cements Ltd., for -
a. an investment of Rs 69,90,00,000/- in CCIL by way of fully convertible preference shares through Foreign Direct Investment (FDI) route by the aforesaid DEG & FMO, in connection with financing of the cement manufacturing project of CCIL in Assam consisting of 0.75 mln MTPA clinkerisation unit at Umrangshu and 1.40 mln MTPA grinding unit at Lanka, and
b. the voluntary delisting of equity shares of the Company from all stock exchanges, including the Bombay Stock Exchange Ltd.
The Company shall seek the shareholders approval for the said delisting within the next few months.
Tags: Vinay Cements