Elgi Equipments Enters Australia With New Subsidiary
Elgi Equipments Limited has formed a new Company in Australia by the name: "Industrial Air Compressors Pty Ltd" as a Wholly Owned Subsidiary Company. The details are given below:
|Name of the Company details in brief such as size, turnover etc., |
INDUSTRIAL AIR COMPRESSORS PTY LTD, AUSTRALIA.
Authorized & Paid up Share capital
120 SHARES OF AUD 1 EACH
|Whether the acquisition would fall within related party transactions and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired|
The promoter/promoter group/group companies do not have any interest in the entity formed.
|Industry to which the entity being acquired belongs||Distributor and service provider of Air Compressors. Yet to commence business operations. |
|Objects and effects of acquisition (including but not limited to, the disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)||Same as above.|
|Brief details of any governmental or regulatory approvals required for the acquisition ||Industrial Air Compressors Pty Ltd formed and registered under the Corporations Act 2001, Australia and is taken to be registered in Queensland. |
|The indicative time period for completion of the acquisition||NA|
|Nature of consideration - whether cash consideration or share swap and details of the same||Cash|
|Cost of acquisition or the price at which the shares are acquired||AUD 120 (120 SHARES OF AUD 1 EACH)|
|Percentage of shareholding/control acquired and/or number of shares acquired||100% - Wholly Owned Subsidiary with an initial subscription of 120 Shares of AUD 1 each |
|Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, a country in which the acquired entity has a presence and any other significant information||Industrial Air Compressors Pty Ltd, formed as a Wholly Owned Subsidiary in Australia and it is yet to begin its business and commercial operations.|