At meeting held on 20 November 2017
The Board of SORIL Holdings & Ventures at its meeting held on 20 November 2017 considered expansion of company's businesses, by incorporating wholly owned subsidiaries, into new business ventures of 'Life Insurance' and 'General Insurance', and then applying for necessary regulatory approvals.To capitalize and fund these businesses and to augment long term resources to improve the financial leveraging strength of Company, Board considered raising funds & as reflection of confidence that the promoters have in future of Company, promoter group entities of Company have agreed to subscribe to offer and infuse further capital.
The Board accordingly approved preferential issue of upto 3.50 crore Warrants, convertible into equivalent number of equity shares of face value Rs.2/- each of Company at conversion price of Rs.132 (including a premium of Rs.130) per equity share to promoter group entities. Total fund infusion by Promoter group entities would aggregate to Rs.462 crore post conversion of warrants.
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