Shree Pushkar Chemicals & Fertilisers Ltd - 539334 - Outcome of Board Meeting
With reference to above captioned subject matter and pursuant to Reg.30 of SEBI (Listing obligation and Disclosure Requirements), Regulations, 2015, the Board of Directors in their meeting held today, which was started at 12.30 p.m. and concluded at 3.15 p.m. has considered, discussed and approved the Investment Proposal as under: In continuation of disclosure of the Board meeting outcome dated 7th February, 2019, approving in-principle an investment to the extent Rs.30.00 Crore, the Board has in today's meeting deliberated and approved, subject to final approval of NCLT, a proposal for acquisition/takeover of 100% stake in M/s. Madhya Bharat Phosphates Pvt. Ltd, (MBPL) through NCLT under the Insolvency & Bankruptcy Code 2016 (IBC). The proposal has already been approved by the Committee of Creditors (COC), as constituted by NCLT, for an offer price of Rs.19.02 crore and the proposal is under final consideration before NCLT. The Unit of MBPL located in MP, has two plant at Jhabua and Deewanganj, has a capacity of manufacture SSP of 1.5 lac MTA and 0.4 Lac MTA respectively and a Plant for a manufacture of LABSA. The Board further has approved a proposal of acquiring an additional plot of land in MIDC, Lote Parshuram, Ratnagiri-MH, admeasuring 34,408 Sq.Mts. for further expansions. The above both transaction of acquisition of M/s. Madhya Bharat Phosphates Pvt. Ltd, (MBPL) through NCLT and purchase of additional MIDC land will be funded through internal accruals of the Company.15-03-2019