Diamond Cables Updates on acquisition of Apex Electricals Ltd

Diamond Cables Ltd has announced that the Company acquired a controlling stake in Apex Electricals Ltd, India Leading Transformer Manufacturing Company. The Material Update on the Company for information of investors as follows:

- Apex Acquisition updates-settlement with lenders and VRS

- Following are the Material Developments in Apex Electricals Ltd:

1. All the Bankers to the Company have agreed for a One Time Settlement of dues for a consideration of Rs 1944 lacs against their outstanding dues of Rs 7100 lacs.

2. All the permanent employees of the Company have agreed for a VRS, and 432 employees have been paid their entire dues under the VRS scheme.

3. As per Directions of BIFR a revised package with a cutoff of September 2007 has been submitted to BIFR and Operating agency IDBI.

The stock was trading at Rs.344.80, up by Rs.6 or 1.77%. The stock hit an intraday high of Rs.353 and low of Rs.341.25. The total traded quantity was 15576 compared to 2 week average of 29506.

Source : Equity Bulls

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