In terms of Regulation 30 of the Listing Regulations, Apollo Pipes has informed that the Board of Directors of Apollo Pipes at their Meeting held today i.e., on February 13, 2024, has considered and approved the proposal for strategic investment in Kisan Mouldings (Target Company), listed on BSE up to an extent of Rs 120 crores, by way of acquiring and/or subscribing up to 6,40,00,0000 equity shares of the said company by way of preferential issue under Regulation 164A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Furthermore, the Company shall proceed further with the said transaction only if there is no material change in the One Time Settlement amount. Kisan Mouldings, the Target Company, is primarily engaged in the manufacture of PVC pipes, Fittings, UV Resistant multi-layer water tank and allied products. It is one of the largest manufacturers of multiple applications of pipes for water supply, sanitation, sewerage, construction, cable ducting, drinking water, tube wells, submersible pumps and other polymer products for various purposes. The end use of the funds so obtained by the Target Company shall be utilized for making payments to Banks towards One Time Settlement of its Outstanding liabilities. The board of directors has authorized the management to take the necessary actions to proceed with this transaction. Details as required under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 on disclosure of material events/ information by listed entities, dated July 13, 2023, with respect to preferential issue, is enclosed as Annexure I. The Meeting of the Board of Directors commenced at 10:00 AM and concluded at 10:55 AM. The aforesaid information is also available on the website of the Company www.apollopipes.com.
The above information is a part of company’s filings submitted to BSE.