Outcome of Board Meeting

| Updated on May 26, 2016 Published on May 26, 2016

SKIL Infrastructure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 26, 2016, inter alia, has transacted the following:

1. The Board took note that after the Company ceased to be promoter of Reliance Defence and Engineering Ltd. (RDEL) (Erstwhile Pipavav Defence and Offshore Engineering Company Limited), there has been an invocation by Religare Finvest Limited of 1,26,73,913 shares held by the Company in RDEL (1.72% of the Paid up capital of RDEL) on March 17, 2016 and invocation by India Infoline Finance Limited of 32,41,724 shares held by the Company in RDEL (0.44% of the Paid up share capital of RDEL) on April 26, 2016. The shares have been invoked in exercise of right under the facility agreement for security provided by the Company for loan taken by Pipavav Engineering and Defence Services Limited and E Complex Pvt. Ltd. respectively.

2. Though there has been a delay in total consummation of the ADAG-RDEL-SKIL Infrastructure Limited deal; the company on standalone basis, has been able to bring down the outstanding secured borrowing from Rs. 1249 crores (as on March 31, 2015) to Rs. 837 crores (as on March 31, 2016).

3. In furtherance to the earlier announcements, the Board noted that the name of SKIL Vision Aerial Solutions Private Limited, Step-down Subsidiary of the Company, has been struck off under the Fast Track Exit Mode pursuant to Section 560 of the Companies Act, 1956.

The meeting commenced at 0900 hours and concluded at 1215 hours.

Source : BSE - >www.bseindia.com

Published on May 26, 2016
This article is closed for comments.
Please Email the Editor