S&S Power To Acquire Its Subsidiary Company From COELME Costruzion, Italy
S&S Power Switchgear Limited has entered into an agreement to acquire the Equity Shares (i.e 49% of Shares) of S&S Power Switchgear Equipment Limited (Subsidiary Company) from COELME CostruzioniElettromeccanicheSpA, Italy. After the said acquisition, the Subsidiary Company shall become a wholly owned subsidiary of the Company.
|1||Name of the target entity, details in brief such as size, turnover etc.|
i) Name of the target entity:
S&S Power Switchgear EquipmentLimited (S&SPSE)
ii) Details of the Target Company:
Turnover: - INR 3138.17 Lakh for the year ended 31st March 2017
|2||Whether the acquisition would fallwithin related party transaction(s) and whether the promoter/ promotergroup/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "Arms- length";||The Acquisition falls within the definition of related party and the transaction is on Arms-Length basis. The Promoter is interested in the entity being acquired.|
|3||Industry to which the entity being acquired belongs;||Manufacturing of Disconnecting Switches|
|4||Objects and effects of acquisition(including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity);||The Business of S&SPSE is in line with the Company's line of Business.|
|5||Brief details of any governmental or regulatory approvals required for the acquisition;||The acquisition is through the transfer of shares from CoelmeCostruzioniElettromeccanicheSpA (Non-Resident) to Company (Resident) which requires the necessary compliances under FEMA regulations. The form FCTRS required to be filed with Authorised Dealer bank through eBiz portal within the prescribed time limit.|
|6||Indicative time period for completion of the acquisition;||To be completed on or before 31st December 2017|
|7||Nature of consideration - whether cash consideration or share swap and details of the same;||Cash consideration|
|8||Cost of acquisition or the price at which the shares are acquired;||€ 391,000 (Euro Three Hundred Ninety-One Thousand Only)|
|9||Percentage of shareholding/control acquired and/or number of shares acquired;||49% shareholding (i.e612,500 EquityShares of Rs.10/- each) in SSPSEL to be acquired. Post-acquisition, SSPSEL shallbe wholly owned subsidiary of the Company.|
|10||Brief background about the entityacquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief);|
S&S Power Switchgear EquipmentLimited was incorporated on 1st October 2007 under the Companies Act 1956. The business of S&SPSE is in line with Company's line of business.
Turnover of last 3 financial year (audited):
2016-17: INR 3138.17 Lakh
2015-16: INR 2136.47 Lakh
2014-15: INR 1905.04 Lakh
S&SPSE has its presence PAN India.