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Corporate News
17-Jul-20
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Elgi Compressors USA to make further investment in Evergreen Compressed Air and Vacuum LLC
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Elgi Equipments announced that its wholly owned subsidiary, Elgi Compressors USA Inc, has further agreed to invest in Evergreen
Compressed Air and Vacuum LLC's Class B shares up to an extent of $ 1,00,000 vide an amendment to the said operating agreement executed
between the members on 16 July 2020. This investment will be done in tranches. The first tranche of $ 75,000 in Class B shares has been invested on 16 July 2020. The Class B shares shall be fully
owned by Elgi Compressors USA Inc, without voting rights but shall entitle it with preferential payment of invested capital and preferred returns.
Earlier, Elgi Compressors USA Inc had subscribed and invested to
an extent of $ 1,34,000 (Class A shares) constituting 50% of total capital of Evergreen Compressed Air and Vacuum LLC on 22 May 2019, by virtue of Operating Agreement executed between its members and a Subscription Agreement effective 01 June 2019 for capital contribution signed between the wholly owned subsidiary and Evergreen Compressed Air and Vacuum LLC .
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