Outcome of Board Meeting

| Updated on March 13, 2018 Published on March 31, 2017

Dear Sir/ Maam, In the Board Meeting of Swiss Glascoat Equipments Limited (‘the Company) held today, the Board of Directors has allotted 15,00,000 Equity Shares of Rs. 10 /- each to HLE Engineers Private Limited, on exercise of the option of conversion of 15,00,000 Warrants of Rs 117/- each by the Warrant Holder, in accordance with Regulation 77 of the SEBI (ICDR) Regulations, 2009. An amount equivalent to 75% of the total consideration determined in terms of Regulation 77 of the SEBI (ICDR) Regulations, 2009 aggregating to Rs.13,16,25,000/- has been received by the Company prior to the Board Meeting. The Board further noted that the Open Offer made by HLE Engineers Private Limited, Mr. Himanshu Patel, Mr. Nilesh Patel, Mr. Harsh Patel and Mr. Aalap Patel, being the new promoters, has been closed and the Merchant Bankers have submitted their Post Open Offer Report in terms of Regulation 27(7) of the SEBI (SAST) Regulations, 2011.

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Source : BSE - www.bseindia.com

Published on March 31, 2017
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