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Outcome of Board Meeting

| Updated on February 06, 2016 Published on February 06, 2016

Swelect Energy Systems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 05, 2016, has transacted the following:

1. The Board of Directors considered and approved Investment upto Rs. 2 crores by way of subscription to the Share capital of SWELECT Solar Energy Private Limited.

2. The Board also considered and approved setting up of a subsidiary Company in US by name SWELECT INC to expand its Solar business operations abroad. The Investment shall be upto 850,000 US$ in the form of Share capital, Working Capital loan and Standby Letter of Credit (SBLC).

3. The Wholly Owned Subsidiary Company SWELECT ENERGY SYSTEMS PTE LIMITED has set up a subsidiary Company in Singapore in the name SWELECT ENERGY SYSTEMS (ASIA PACIFIC) PTE LIMITED, with 51% stake in the Company.

Source : BSE - >www.bseindia.com

Published on February 06, 2016
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