Elgi Equipments Ltd. — Capital/Financing Update 2021

Jul 14, 2021

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BSE LIMITEDPHIROZE JEEJEEBHOY TOWERSDALAL STREETMUMBAI – 400001	NATIONAL STOCK EXCHANGE OFINDIA LIMITED“EXCHANGE PLAZA”BANDRA KURLA COMPLEXBANDRA (E)MUMBAI - 400051
ScripCode: 522074	ScripCode: ELGIEQUIP

Dear Sir, DATE : 14-JULY-2021

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

The Company’s step down Subsidiary in Europe, “Rotair, Spa .” has formed a wholly owned Subsidiary Company in Europe by name “ELGI COMPRESSORS SOUTHERN EUROPE, SRL.” in Italy. The Italian sales promoting activities of the Electric Powered Screw Air Compressors business of Rotair, Spa will be transferred to and henceforth performed by ELGi Compressors Southern Europe, Srl as part of the second phase of restructuring ELGi entities in Europe.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you Rotair, Spa. has invested 10,000 Euro (Ten Thousand Euro) in the share capital of ELGI COMPRESSORS SOUTHERN EUROPE SRL today by way of Euro 9,000 in cash and Euro 1,000 in kind. The newly formed entity will host the Italian sales support team of Rotair, Spa in Italy that is related to the Electric Powered Screw Air Compressors business, with an objective of promoting this business in that area in a more focussed manner.

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 9th 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
Name of the Company details in briefsuch as size, turnover etc.,	Name**:**ELGI COMPRESSORS SOUTHERN EUROPE,SRLAuthorized & Paid up Share capital : 10,000 EuroTurnover: NIL
Whether the acquisition would fallwithin related party transactions andwhether the promoter / promoter group/ group companies have any interest inthe entitybeingacquired	NA
Industry to which the entity beingacquired belongs	Distribution & Trading of ELGi branded Electric ScrewAir Compressors.(100% owned byRotair,Spa)
Objectsandeffectsofacquisition(including but not limited to, disclosureof reasons for acquisition of target entity,if its business is outside the main line ofbusiness of the listed entity)	ELGI COMPRESSORS SOUTHERN EUROPE SRL willhost the sales force for the Italy region for advancing thebusiness of the Electric powered screw air compressors.
Brief details of any governmental orregulatory approvals required for theacquisition	Filing of charter documents/bye laws, Registration ofthe beneficial owners and VAT Registration.
Indicative time period for completion ofthe acquisition	NA – Entity formed, and share capital investment hasbeen completed on 14/07/2021
Nature of consideration – whether cashconsideration or share swap and detailsof the same	Cash & kind
Cost of acquisition or the price at whichthe shares are acquired	9,000 shares of 1 Euro per share & Euro 1,000 in kind.
Percentage of shareholding / controlacquired and / or number of sharesacquired	100% held by Elgi Equipments Ltd’s step downsubsidiary Rotair, Spa.
Brief background about the entityacquired in terms of products/line ofbusiness acquired, date of incorporation,history of last 3 years turnover, countryin which the acquired entity has presenceand anyother significant information	Trade, import, export, buy and sell at wholesale or retaillevel, distribution, representation and brokerage, andmanufacture, processing and transportation of ELGibranded electric powered screw air compressors . Dateof Investment in share capital – 14/07/2021

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