Mahalaxmi Rubtech Ltd - 514450 - Announcement under Regulation 30 (LODR)-Acquisition
The Board of the M/s Mahalaxmi Rubtech Limited (MRT), on February 14, 2020, has approved to make investment to subscribe to 1,50,000 shares of M/S Mahalaxmi Exports Private Limited (MEPL) for cash aggregating to INR 15,00,000/- (Rs. Fifteen Lacs Only) resulting into 100.00% equity stakes. MEPL is incorporated on 05th November, 2019 and it is engaged in textile business. MEPL will become a wholly owned subsidiary of MRT, pursuant to the transaction. The Transactions are expected to be completed before End of the month of March, subject to completion of condition precedent, and do not require statutory/ regulatory approvals. The investment falls within related party transaction as the promoters are interested, such transaction is made on arm's length basis, and omnibus approval from Audit Committee has been granted to make such investment. However, such transaction is not material related transaction therefore no approval from shareholders are required.14-02-2020