Torrent Power To Acquire TCL Cables Private Limited
Torrent Power Limited board of directors has approved the purchase of 20,00,000 equity shares of Rs. 10/- each of TCL Cables Pvt. Ltd. for a consideration of Rs. 2 crores. TCL Cables Pvt. Ltd. ("TCPL"), having primary object of carrying on business of assembling and supply of intensity links. TCPL is a recently joined organization. The proposed acquisition falls within the related party transaction(s) and imperative endorsement has been taken in such manner. None of the advertiser/advertiser bunch/gathering organizations are keen on the element being procured,
Preceding acquisition of value shares, TCPL was a stage down completely claimed backup of the Company. After this procurement, TCPL will become a direct wholly owned subsidiary. The board additionally endorsed the plan of Arrangement ('the Scheme') between Torrent Power Ltd. ('TPL' or 'the Company') and TCL Cables Pvt. Ltd . ('TCPL'), entirely claimed auxiliary of the Company and their individual investors and banks, imagining the exchange and vesting of Cable Business Undertaking ('CBU') of TPL into TCPL on a going concern premise by method for a droop deal with the delegated date being the date given under the Scheme.