Held on 21 January 2015
Blue Star announced that the Board of Directors of the Company at its meeting held on 21 January 2015, based on the approval of the Audit Committee and deliberations at the board meeting, the Board, subject to the approval of the shareholders of the Company, considered and approved the following related party transactions:1. Transfer of the Professional Electronics & Industrial Systems ("PE&IS") undertaking of the Company to Blue Star Electro-Mechanical ("BSEML"), a wholly owned subsidiary of the Company, on a going concern basis at fair value estimated at about Rs 110.50 crore, determined by an independent valuer. BSEML will discharge the consideration for the said transfer by issue and allotment of fully paid up equity shares to the Company.
2. Financial assistance to BSEML by means of loans and corporate guarantees to secure BSEML's borrowing not exceeding Rs 25 crore.
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