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KDDL informs about outcome of board meeting

03 Dec 2021 Evaluate
KDDL has informed that a meeting of the Board of Directors of Ethos, Company’s material subsidiary was held on 1st December, 2021. The outcome of the Board meeting are as under: The Board considered and approved allotment of 457,938 equity shares of Rs 10 each at a premium of Rs 540 per share for an amount of Rs 25.19 crores to the existing shareholders of the Company through the mode of Rights Issue. After the aforesaid allotment, the shareholding of KDDL in the Company is 76.61% (directly and indirectly). The Board, subject to receipt of requisite approvals and market conditions, considered and recommended raising of capital through an Initial Public Offering of the Company for an amount not exceeding Rs 50,000 lacs from Fresh Issue of capital, at a price to be determined in consultation with the book running lead managers. The proposed Initial Public Offering may also include an offer for sale by the existing shareholders of the Company. The Board has resolved to convene an Extraordinary General meeting of the Shareholders of the Company on 30th December, 2021 for seeking their necessary approval for the proposed Initial Public Issue.

The above information is a part of company’s filings submitted to BSE.

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