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Polycab India Limited — Capital/Financing Update 2021
Nov 3, 2021
61384_rns_2021-11-03_041eeb84-69ce-4bf1-949e-2b39e18b1376.pdf
Capital/Financing Update
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POLYCAB INDIA LIMITED
Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300GJ1996PLC114183 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Website: www.polycab.com
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Date: 03[rd] November 2021 To To Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Street, C-1, G-Block, Bandra-Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 051
Scrip Code: 542652 Scrip Symbol: Polycab ISIN:- INE455K01017
Dear Sir / Madam
Sub: Intimation of Disinvestment of Ryker Base Private Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that Company has entered into a Share Purchase Agreement (‘SPA’) with Renuka Investments & Finance Limited, a wholly owned subsidiary of Hindalco Industries Limited, to divest entire equity shareholding in Ryker Base Private Limited (“Ryker’), a wholly owned subsidiary of Polycab India Limited (‘PIL’).
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.
Kindly take the same on your record.
Thanking you Yours Faithfully For Polycab India Limited
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Manita Gonsalves Company Secretary and Compliance Officer Membership No. A18321
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Registered Office: Unit No.4, Plot No.105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchamahal, Gujarat-389350 Tel : 2676- 227600 / 227700
POLYCAB INDIA LIMITED
Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300GJ1996PLC114183 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Website: www.polycab.com
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Annexure A
| S.No. | Particulars | Description | |
|---|---|---|---|
| 1. | The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year |
Revenue from operations of Ryker for the year ended 31stMarch 2021 was Rs. 5,350.83 million (amounting to approximately 6% of the total turnover of the Company on consolidated basis) whereas the net worth of Ryker as on 31stMarch 2021 wasRs.682.40million. |
|
| 2. | Date on which the agreement for sale has been entered into |
3rdNovember 2021. | |
| 3. | The expected date of completion of sale/disposal |
On or before 31stDecember 2021. | |
| 4. | Consideration received from such sale/disposal |
The enterprise value is Rs 3,230 million. Post debt and working capital adjustments, the sale consideration is likely to be around Rs.1,675 million1subject to adjustment of final purchase price in accordance with the SPA. |
|
| 5. | Brief details of buyers and whether any of the buyers belong to the promoter/ promoter group/group companies. If yes, details thereof |
Renuka Investments & Finance Limited(CIN: U65910UP1994PLC017081) is a wholly-owned subsidiary of Hindalco Industries Limited. It was incorporated under the Companies Act, 1956 and has its registered office at Post - Renukoot Sonebhadra, Uttar Pradesh – 231217. Hindalco Industries Limited, a company incorporated under the Companies Act, 1956 with CIN L27020MH1958PLC011238 having its registered office at 1st Floor, B-Wing, Ahura Center, Mahakali Caves Road, Andheri East, Mumbai 400093. It is the world’s largest aluminium rolling and recycling Company and a major copper player. The buyer is not related to the Promoter / promoter group Companies of Polycab India Limited. |
1 Subject to audit and in accordance with the provisions of SPA.
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Registered Office: Unit No.4, Plot No.105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchamahal, Gujarat-389350 Tel : 2676- 227600 / 227700
POLYCAB INDIA LIMITED
Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300GJ1996PLC114183 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Website: www.polycab.com
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| S.No. | Particulars | Description |
|---|---|---|
| 6 | Whether the transaction would fall within related party transactions? If yes, whether the same is done at “arm’s length”. |
No, the transaction does not fall within the ambit of Related Party Transactions. |
| 7 | Additionally, in case of a slump sale, indicative disclosures provided for amalgamation/merger, shall be disclosed by the listed entity with respect to such slump sale. |
Not Applicable. |
For Polycab India Limited
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Manita Gonsalves Company Secretary and Compliance Officer Membership No. A18321
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Registered Office: Unit No.4, Plot No.105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchamahal, Gujarat-389350 Tel : 2676- 227600 / 227700