Diamond Power Infrastructure has informed that the Board of Directors of Diamond Power Transformers, wholly owned subsidiary of Diamond Power Infrastructure, at their meeting held on December 19, 2015 allotted 11,977,054 shares at a premium of Rs 10 per share aggregating Rs 23.95 Crores to the strategic Investors on preferential basis, and approved the sale of its entire holding of equity shares in both the associates Companies, i.e. Maktel Controls and Systems and Maktel Power. The Company wants to further clarify that these above noteworthy steeps by the Diamond Power Transformers will surely help in augmenting of working Capital needs of the Company and the Company will be able to capitalize on growth optimization and bring about a turnaround in the Transformer Business.
The above information is a part of company’s filings submitted to BSE.
