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GARWARE TECHNICAL FIBRES LIMITED Capital/Financing Update 2021
60863_rns_2021-08-04_8a0208ca-2def-416e-a5af-8a86f5ab88f2.pdf
Capital/Financing Update
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GTFL:SEC:2021 August 04,2021
BSE Limited Corporate Relationship Department, New Trading Ring, Rotunda Building, P. J. Towers, Dalal Street, Fort, Mumbai 400001. (Company code: 509557)
National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, 'G' Block, Bandra-Kurla Complex, Bandra East, Mumbai 400051. (Symbol: GARFIBRES, Series: EQ)
Sub:- Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Intimation of Incorporation of wholly-owned subsidiary Company
Dear Sirs,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform you that Garware Technical Fibres Limited ("the Company") has incorporated a company under Section 8 of the Companies Act, 2013 in the name and style "Garware Technical Fibres Foundation", as Wholly owned Subsidiary of the Company, w.e.f. 3 rd August, 2021.
Details as required under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015 are given in Annexure A.
Please acknowledge this communication.
Thanking you,
S~I Company Secretary M. No. FCS6407
Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.): Plot No. 11, Block D-1, M.l.D.C., Chinchwad, Pune 411 019, India. T +91202799000010306 E [email protected] www.garwarefibres.com CIN: L25209MH1976PLC018939
| AnnexureA | ||
|---|---|---|
| Sr.No. | Particulars | Details |
| a. | Name of the target entity, details in brief suchas size, turnoveretc. | ("theFibresFoundationGarwareTechnicalFoundation")isincorporatedunderSection8of theas whollyownedsubsidiaryofCompaniesAct,2013GarwareTechnicalFibres Limited ("the Company")AuthorizedShareCapital:Rs.1,00,000/-(Rupeesi)OneLakhonly)(10,000(TenThousand)EquitySharesof Rs. 10/- each).Paidup ShareCapital:Nil (wouldbe paidin dueii)course)rdiii) Turnover/ Size: Not applicable(incorporatedon 3August,2021) |
| b. | Whethertheacquisitionwouldfallwithinrelatedparty transaction(s)and whetherthepromoter/promotergroup/groupcompaniesinterestintheentitybeinghaveanyacquired?Ifyes,natureofinterestanddetails thereofand whetherthe same is doneat "arms length". | Acquisition/ incorporationof Whollyowned SubsidiaryCompanydoesnot fall withinthepurviewofRelatedParty Transactionexcept that the Foundationis whollyowned subsidiaryof the Company.Mr. V. R. Garware,Chairmanand ManagingDirectorpromoteroftheCompanyisDirectoroftheandFoundation. |
| c. | Industryto whichtheentitybeingacquiredbelongs | The Foundationis incorporatedunder Section8 of theCompaniesAct,2013andshallundertakeactivitiesmentionedin Schedule VII of the CompaniesAct, 2013. |
| d. | Objectsand effectsof acquisition(includingbut not limitedto, disclosureof reasonsforacquisitionof targetentity,if its businessisoutside the main line of businessof the listedentity) | theTheFoundationhasbeenincorporatedbyWhollySubsidiary,forCompanyasitsownedResponsibilityundertakingvariousCorporateSocialactivitiesof the Companyas definedin CompaniesAct2013 in areas or subjectsspecifiedin ScheduleVII oftheCompaniesAct,2013asmaybeamendedorsubstitutedfrom time to time. |
| e. | Brief details of any governmentalor regulatoryapprovalsrequiredfor the acquisition | No separategovernmentalor regulatoryapprovalsarerequired |
| f. | Indicativetimeperiodforcompletionof theacquisition | Incorporated |
| g. | -Natureofconsiderationwhethercashconsiderationor shareswapanddetailsofthe same | Cashconsiderationby wayof subscriptiontoEquityshares |
| h. | Cost of acquisitionor theprice at whichthesharesare acquired | Rs 1,00,000/-by wayof initial subscriptionof 10,000Equity Sharesof Rs. 10/- each |
| i. | Percentageofshareholding/controlacquiredand / or numberof sharesacquired | 100%shareholdingsubscribing10,000EquitybyShares of Rs. 10/- each |
| j. | brief backgroundabout the entity acquiredintermsof products/lineof businessacquired,date of incorporation,historyof last 3 yearsturnover,countryin which the acquiredentityhaspresenceandanyothersignificantinformation(in brief) | GarwareTechnicalFibresFoundationis incorporatedon3rdAugust,2021inIndiaandregisteredwithRegistrarof Companies,Pune, Maharashra,to carry on-interalia theactivitiesas mentionedin para d aboveand is yet to commenceits operations. |
Registered Office
Garware Technical Fibres Ltd. (Formerly Garware- Wall Ropes Ltd.): Plot No. 11, Block D-l, M.l.D.C.,Chinchwad, Pune 411 019, India. T +9120 2799 0000/0306 E [email protected] www.garwa.efibres.com CIN: L25209MH1976PLC018939