Corporate News 07-Dec-10
Igarashi Motors India's board resolves to execute a share subscription agreement
On 06 December 2010
The board of Igarashi Motors India in its meeting on 06 December 2010 has resolved to execute a share subscription agreement for the purpose of allotment of equity shares of the company to Agile Electric Drives Technologies and Holdings Pvt Ltd ("Agile Electric") on a preferential basis subject to the approval of the shareholders. The approval of the shareholders for the purpose of authorizing such allotment is proposed to be obtained through the postal ballot process. Subject to the authorization of the shareholders, the said allotment of equity shares by the company to Agile Electric will result in Agile Electric holding 65,00,000 equity shares of the company representing 31.90% of the expanded paid up share capital of the company. The Company also took on record that Igarashi Electric Works Ltd, Japan (promoter of the company) has executed a separate agreement with Agile Electric for the transfer of 48,56,034 equity shares at Rs 60.74 per share, representing 35% of the present paid up share capital of the company.
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