Outcome of board meeting of Chokhani Securities

Held on 31 December 2017

The Board of Chokhani Securities approved the following at their meeting held on 31 December 2017 -

Execution of share purchase and transfer of control agreement between Poshika Advisory Services LLP and Sachindra Nath (Acquirers) and Ramakant R Chokhani, Anand R Chokhani, Neelam Chokhani and Ramakant R Chokhani HUF (Existing Promoters) for the proposed transfer of 29,16,800 equity shares of the Company and the transfer of the management of the Company by the existing promoters to the acquirers.

Recommended appointment of Sachindra Nath as Managing Director.

Increase in authorised share capital from Rs 6 crore to Rs 64 crore and consequent alteration to MoA and AoA.

Execution of securities subscription agreement to be entered into between the Company, Indgrowth Capital Fund I and existing promoters, whereby Indgrowth Capital Fund I shall be issued up to 34,88,372 Compulsory Convertible Debentures of Rs 129 each convertible into equity shares of Rs 10 each at a premium of Rs 119 within 18 months of the allotment of the CCDs aggregating up to Rs 44.99 crore.

Execution of securities subscription agreement to be entered into between the Company, Clearsky Investment Holdings and existing promoters whereby Clearsky shall be issued upto 12,79,069 equity shares of face value of Rs 10 each at a price of Rs 129 each aggregating Rs 16.49 crore and up to 138,37,210 Compulsory Convertible Debentures of Rs 129 each convertible into equity shares of Rs 10 each at a premium of Rs 119 within 18 months of the allotment of the CCDs aggregating up to Rs 178.50 crore.

Execution of securities subscription agreement to be entered into between the Company, NewQuest Asia Investment III and existing promoters whereby NewQuest Asia Investment III shall be issued upto 12,79,069 equity shares at Rs 129 each aggregating Rs 16.49 crore and upto 138,37,210 Compulsory Convertible Preference Shares of Rs 129 each aggregating up to Rs 178.50 crore.

Raising funds to the tune of Rs 250 crore by way of issuance of securities.

Approved scheme of arrangement between the Company and Asia Pragati Capfin whereby the lending business of Asia Pragati Capfin will be merged with the Company.

Approval for sale of investment portfolio of the Company.

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