Kanoria Chemicals & Industries has informed that the Board at its meeting held today, has, as a part of strategic alliance, approved sale of 42 equity shares, out of the 328 equity shares held by the Company in APAG Holding AG, Switzerland, to Cosyst Holding AG, Switzerland (wholly owned subsidiary of KPL International., a Related party) @ CHF 58,191/share, as certified by a SEBI registered Category I Merchant Banker. Cosyst Holding AG, Switzerland will also make a direct subscription for acquiring further 88 equity shares of 'APAG' for financing business development and supplementing working capital requirements of APAG Holding and its subsidiaries. Novares Venture Capital SAS, France, the existing 20% strategic partner in APAG, has also expressed its intention to maintain its shareholding percentage by acquiring further 22 equity shares in APAG Holding AG. The post shareholding of APAG Holding AG, will be: Kanoria Chemicals & Ind. Ltd-286 shares (55%), Cosyst Holding AG-130 shares (25%), Novares Venture Capital SAS-104shares (20%).
The above information is a part of company’s filings submitted to BSE.
