Outcome of board meeting of Diamond Power Transformers held on 19 December 2015
Diamond Power Infrastructure announced that the Board of Directors of Diamond Power Transformers, wholly owned subsidiary of Diamond Power Infrastructure, at their meeting held on 19 December 2015 passed following resolutions:a) The Directors of Diamond Power Transformers allotted 1,19,77,054 shares at a premium of Rs. 10 per share aggregating Rs 23.95 crore to the strategic Investors on preferential basis.
b) Board of Directors of Diamond Power Transformers 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.
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