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Polycab India Limited Capital/Financing Update 2020
61384_rns_2020-01-31_8f8a04de-dc4d-4dc3-af02-9b9f8d249079.pdf
Capital/Financing Update
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Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN No L31300DL1996PLC266483 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Web: www.polycab.com
Date: 31st January 2020
To Department of Corporate Services, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Kind Attn: Mr. Khushro A. Bulsara General Manager & Head Listing Compliance & Legal Regulatory To Listing Department, National Stock Exchange of India Limited C-1, G-Block, Bandra-Kurla Complex Bandra, (E), Mumbai – 400 051 Kind Attn: Mr. Avinash Kharkhar Asst. Vice President Listing & Compliance
Scrip Code: 542652 Scrip Symbol: Polycab ISIN:- INE455K01017
Dear Sir / Madam,
Sub: Incorporation of wholly owned subsidiary of the Company
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"}, please be informed that the Company has incorporated a wholly owned subsidiary company named Polycab USA LLC with effect from January 27, 2020.
The details as required under Regulation 30 of the SEBI Listing Regulations read with SEBI circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is attached herewith as Annexure A.
This is for the information of the exchange and the members.
Thanking you For Polycab India Limited
| __________________________ |
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Sai Subramaniam Narayana Company Secretary and Compliance Officer Membership No.: F5221 Address: Polycab House, 771, Mogul Lane, Mahim (West), Mumbai - 400 016
Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN No L31300DL1996PLC266483 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Web: www.polycab.com
Annexure A
Incorporation of the Company
| S.No. | Particulars | Description |
|---|---|---|
| 1. | Name of the target entity, details inbrief such as size, turnover etc | Polycab USA LLC("PUL")is incorporatedaswholly owned subsidiaryof the Company onJanuary 27, 2020Authorized Capital: Not exceeding USD 2 millionSize / Turnover: N.A. |
| 2. | Whether the acquisition would fallwithin related party transaction(s)andwhetherthepromoter/promoter group/ group companieshave any interest in the entity beingacquired? If yes, nature of interestand details thereof and whether thesame is done at "arms length" | Being a Related Party Transaction, the Companyhas duly taken approval of the Audit Committeeand Board of Directors of the Company for initialsubscription in Polycab USA LLC.PUL is promoted by the Company and is whollyownedsubsidiary. The Promoter group/groupcompanies does have interest in the PUL. |
| 3. | Industry to which the entity beingacquired belongs | Manufacturing and trading of wires and cables andelectrical consumer products |
| 4. | Objects and effects of acquisition(includingbutnotlimitedto,disclosure of reasons for acquisitionof target entity, if its business isoutside the main line of business ofthe listed entity) | The Company wants to expand its business in theoverseas market and create its presence worldwide.In this regards, the Company has incorporatedsubsidiary in USA. |
| 5. | Brief details of any governmental orregulatory approvals required for theacquisition | N.A. |
| 6. | Indicativetimeperiodforcompletion of the acquisition | N.A. |
| 7. | Nature of consideration - whethercash consideration or share swap anddetails of the same | Cash consideration |
| 8. | Cost of acquisition or the price atwhich the shares are acquired | N.A. |
Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN No L31300DL1996PLC266483 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Web: www.polycab.com
| 9. | Percentage of shareholding / controlacquired and / or number of sharesacquired | The Company holds 100% shareholding in PUL. |
|---|---|---|
| 10. | Brief background about the entityacquired in terms of products/line ofbusinessacquired,dateofincorporation, history of last 3 yearsturnover,countryinwhichtheacquired entity has presence and anyothersignificantinformation(inbrief); | Product/line of business: N.A.Date of Incorporation: January 27, 2020History/Turnover: N.ACountry: USA |
