Elgi Equipments Ltd. — Capital/Financing Update 2020

Dec 11, 2020

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BSE LIMITED PHIROZE JEEJEEBHOY TOWERS DALAL STREET MUMBAI - 400001	NATIONAL STOCK EXCHANGE OF INDIA LIMITED “EXCHANGE PLAZA” BANDRA KURLA COMPLEX BANDRA (E) MUMBAI - 400051
ScripCode: 522074	ScripCode: ELGIEQUIP

Dear Sirs, DATE: 11/12/2020

Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Company’s Wholly Owned Subsidiary in Belgium “Elgi Compressors Europe SRL” has formed a Subsidiary Company in Poland by name “Elgi Compressors Eastern Europe sp. z.o.o.”

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Elgi Compressors Europe SRL has invested 5000 PLN (Polish Zloty) in the share capital of Elgi Compressors Eastern Europe sp. z.o.o., Poland. The newly formed entity will host the sales force for the Eastern Europe with an objective of promoting ELGi’s EPSAC (Electric Powered Screw Air Compressors) products.

The disclosures as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9[th] September, 2015, is given in Annexure enclosed.

Kindly acknowledge receipt of this letter and update your records.

Thanking you,

Yours faithfully,

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Annexure

	Annexure
Name of the Company details in brief such as size, turnover etc.,	Name:Elgi Compressors Eastern Europe sp. z.o.o. Authorized & Paid up Share capital: 5000 PLN (Polish Zloty) Turnover: NIL
Whether the acquisition would fall within related party transactions and whether the promoter / promoter group / group companies have any interest in the entitybeingacquired	NA
Industry to which the entity being acquired belongs	Distribution & Trading of Compressors. EPSAC Europe (100% owned by ELGi Compressors Europe SRL)
Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)	Elgi Compressors Eastern Europe sp. z.o.o., will host the sales force for the Eastern Europe region with an objective of promoting ELGi’s EPSAC products.
Brief details of any governmental or regulatory approvals required for the acquisition	Filing of Articles of Association, Registration of the beneficial owners and VAT Registration.
Indicative time period for completion of the acquisition	NA – Entity formed and share capital investment has been completed on 11/12/2020
Nature of consideration – whether cash consideration or share swap and details of the same	Cash
Cost of acquisition or the price at which the shares are acquired	100 shares of 50 PLN per share. 5000 PLN
Percentage of shareholding / control acquired and / or number of shares acquired	100% held by Elgi Equipments Ltd’s wholly owned subsidiary Elgi Compressors Europe SRL.

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Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information	Trade, import, export, buy and sell at wholesale or retail level, distribution, representation and brokerage, and manufacture, processing and transportation of rotary and compressors as well as demolition hammers, hydraulic hammers, any other operating or handling machinery, machines. Investment in share capital – 11/12/2020

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