Proposed Acquisition of Controlling Interests In Latasha Exports Limited
The Board of Directors of Meghmani Organics Limited (the “Company”) wishes to announce that the Company has proposed to acquire 51% interest in the share capital of Latasha Exports Limited.
Latasha Exports Limited is a company engaged in manufacturing of Ferror Chrome, Ferro Manganese, Ferro Molybdenum and other high value alloy, which are used in stainless steel, E N 8 Steel and other specialty alloys steel.
Upon completion of the acquisition, Latasha Exports Limited will become a subsidiary of the Company.
The proposed acquisition will be funded internally and the cost of purchase of equity shares is estimated to be around Rs. 15 Corer.
The proposed acquisition is expected to have positive impact on the net earnings per share and net tangible assets per share of the Company in the long run.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above acquisition.
A detailed announcement will be made once the acquisition is completed.
By Order of the Board
Kamlesh Dinkerray Mehta
1 August 2008