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Texmaco Rail & Engineering Ltd. - Clarification

By Religare

The exchange had sought clarification from Texmaco Rail & Engineering Ltd with respect to announcement dated September 15, 2015 wherein Company has agreed to acquire a majority equity share capital (76%) in Mumbai based Railway Electrification Company, Bright Power Projects (India) Private Ltd for an Enterprise Value of about Rs. 100 Crore.The Company has clarified that : (1) The Company has entered into a non-binding term-sheet with promoters of Bright Power Projects (India) Private Ltd ("Bright Power") for the acquisition of majority equity share capital (76%) of Bright Power at an enterprise value of about Rs 100 crores, subject to applicable conditions.(2) The final transaction is expected to consummate over 2 to 3 months, subject to certain approvals/conditions and due diligence, with definitive documentation expected to be executed between the parties within next 45 days.(3) The promoters/ promoter group/ group companies of the Company have neither an interest in Bright Power nor does the proposed acquisition fall within the related party transactions envisaged under the applicable law. (4) The governmental/ regulatory approvals as may be required for acquisition of shares of Bright Power shall be determined post the due diligence.

Story first published: Tuesday, September 22, 2015, 12:20 [IST]
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