Standard Industries has informed that Standard Salt Works (SSW), 100% wholly owned material subsidiary of the Company, has made a call of Rs 70 per share on the partly paid-up 46,777 Equity Shares. Standard Industries in their Board Meeting held on February 10, 2017 has decided to subscribe to the uncalled share capital of Rs 70 per share on 46,777 partly paid equity shares. Standard Salt Works has by way of the Letter of Offer dated January 30, 2017 offered 537,000 Equity Shares of Rs 100 each aggregating Rs 53,700,000 to the shareholders at a premium of Rs 900 per share in the proportion of 537 shares for every 47 Equity Shares held. The unsecured loan given by Standard Industries to SSW, accrued interest thereon till the date of acceptance of offer and unsecured business advances aggregate Rs 539,761,729. The Board of Directors in their meeting held February 10, 2017 have decided to convert the aforesaid unsecured loan, interest and business advances to the extent of Rs 537,000,000 into Equity Shares and thereby have agreed to subscribe to the Rights Issue made by SSW.
The above information is a part of company’s filings submitted to BSE.