On 15 May 2017Premier Explosives announced that the Securities Allotment Committee of the Company on 15 May 2017 has, inter alia passed the following resolutions:
a.Authorizing the opening of the QIP on 15 May 2017;
b.Approving and adopted the Preliminary Placement Document dated 15 2017 in connection with the QIP; and
c.Approval and taken into record the floor price for the QIP, based on the pricing formula as prescribed under Regulation 85(1) of the ICDR Regulations being; Rs 414.97 per Equity Share .
d.Pursuant to Regulation 85 of the ICDR Regulations, and further to the shareholders resolution dated 12 May 2017, the Company may offer a discount of not more than 5% on the floor price so calculated for the QIP Further, the 'Relevant Date' for this purpose, is 15 May 2017.
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