Punjab Chemicals & Crop Protection has informed that the Board of Directors of the Company in their meeting held on October 10, 2016 concluded at 10.45 a.m. has approved to utilize the overdue export proceeds of Euro 3,476,978 and USD Rs. 87,500 valuing Rs. 259,419,394 as per the prevailing exchange rate at the time of post facto approval from the RBI, from SD Agchem (Europe) N.V, Belgium, a wholly owned subsidiary of the Company, by capitalising the export proceeds by acquiring shares in the Company’s step down subsidiary viz. Sintesis Quimica SAIC, Argentina, in accordance with the approval received from Reserve Bank of India dated March 31, 2016.
The above information is a part of company’s filings submitted to BSE.
