| Updated on July 09, 2016 Published on July 09, 2016

With reference to the disclosure letter dated May 10, 2016 of Max Financial Services Limited, erstwhile Max India Limited, i.e., Demerged Entity, wherein, inter-alia, it was disclosed that the Board of Directors of Max Ventures and Industries Limited in their meeting held on May 10, 2016 approved the investment in Azure Hospitality.

In this respect, Max Ventures and Industries Ltd has now informed BSE that Max I. Limited, (a wholly owned subsidiary of Max Ventures and Industries Limited) on July 8, 2016 entered into definitive agreements to subscribe to 7,615,947 (Seven Million Six Hundred and Fifteen Thousand Nine Hundred and Forty Seven) compulsorily convertible debentures and 100 (One Hundred) equity shares of Azure Hospitality, amounting to 11.17% of the paid up share capital of Azure Hospitality (on a fully diluted basis) for an aggregate consideration of Rs. 33.50 crores (“Transaction”).

The completion of the aforesaid Transaction is subject to completion of certain mutually agreed conditions precedent.

Source : BSE - >www.bseindia.com

Published on July 09, 2016
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