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Dalmia Bharat updates on placement of shares

Posted On: 2017-04-20 21:22:57

Dalmia Bharat has announced with reference to the Share Subscription and Purchase Agreement ('SSPA') dated as of 15 January 2016 between Dalmia Bharat Limited ('Company'), KKR Mauritius Cement Investments, Ltd. ('KKR') and Dalmia Cement (Bharat) Limited and a placement letter agreement dated 15 January 2016 was entered into between the Company and KKR ('Placement Letter Agreement').

Pursuant to the EGM notice dated 18 January 2016, approval of the shareholders of the Company was obtained on 11 February 2016 for issuing 75,00,000 (Seventy five lakh) fully paid up equity shares of face value of Rs. 2 (Rupees Two) each of the Company, on a preferential basis to KKR ('Sale Shares'), in compliance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ('ICDR Regulations'). Pursuant to SSPA and the approval granted on 11 February 2016 by the shareholders of the Company, on 9 March 2016, the Sale Shares were allotted and issued by the Company to KKR, on preferential basis, in compliance with the ICDR Regulations.

In addition, under the Placement Letter Agreement, the Company was given a right of placement with third parties in the manner contained in the Placement Letter Agreement.

The Board of Directors ('Board') of the Company at their meeting held today (i.e. April 20, 2017) at 7:30 P.M have approved the exercise of the above placement rights and has authorised officials/person(s) of the Company to decide the date and manner of exercise of the placement rights in terms of the agreements.

The Company has closed its trading window effective today (i.e. April 20, 2017) until next Monday (i.e. April 24, 2017) and the same shall re-open from Tuesday (i.e. April 25, 2017).

Shares of DALMIA BHARAT LTD. was last trading in BSE at Rs.2085.25 as compared to the previous close of Rs. 2068.4. The total number of shares traded during the day was 4012 in over 559 trades.

The stock hit an intraday high of Rs. 2090 and intraday low of 2060. The net turnover during the day was Rs. 8325083.

Source: Equity Bulls

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