Q-Flex Cables to take over Asia Cables, to allot shares at Rs.10

Q-Flex Cables Ltd has announced that the Board of Directors of the Company at its meeting held on December 11, 2006 has taken the following decisions:

1. Takeover of the business comprising of assets and liabilities of the Partnership firm viz. Asia Cables.

2. The reference date for allotment of shares to the partners of the partnership firm fixed as December 11, 2006 i.e. date of board meeting.

3. The allotment price for equity shares is Rs 10/- each to the partners of the partnership firm, which is higher than the price worked out in accordance with Regulation 20 of SAST.

4. The net consideration for the business take over of Asia Cable worked out to Rs 5,67,55,000/- for which equity shares of the Company at the rate of Rs 10/- each will be allotted to the partners of the partnership firm viz. Asia Cables, subject to the approval of BIFR, is as follows:

(i) Mr. P A Joykutty - 28,37,750 equity shares
(ii) Mrs. Annamma Joy - 28,37,750 equity shares

5. The Consideration as stated above has been worked out by M/s. Karpagam & Co., Chartered Accountant.

Source : Equity Bulls

Keywords