Briefs: Acro Paints and KPI Green Energy
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Briefs: Acro Paints and KPI Green Energy

Acro Paints and JK Maxx Paints merger approved

  • By ICN Bureau | May 13, 2024

Acro Paints and JK Maxx Paints merger approved

The scheme of Amalgamation sanctioning merger of Acro Paints Limited (step down subsidiary of the company) with JK Maxx Paints Ltd (wholly owned subsidiary of the company) has been approved by the Regional Director (NR).  The Management is in the process to obtaining/amending PF/ESIC Registration for JK Maxx Paints Ltd and other necessary statutory formalities. The Scheme shall become effective upon completion of all statutory formalities and upon filing of the certified copy of the Order with the Registrar of Companies/Ministry of Corporate Affairs within 30 days from 3.5.24.

KPI Green Energy to raise up to Rs. 1000 crores through QIP

The Board of Directors of KPI Green Energy Limited has approved the raising of funds through issuance of equity shares of the Company ('Equity Shares') or any other equity linked securities of the Company or other securities convertible into or exchangeable for Equity Shares by way of qualified institutions placement (including one or more qualified institutional placements in tranches) (QIP) in accordance with the provisions of Chapter VI of Securities and Exchange Board of India (lssue of Capital and Disclosure Requirements) Regulations, 2018, as amended from time to time and other applicable laws, in one or more of the tranches for an aggregate amount up to Rs.1,000 crores at such price or prices as may be permissible under applicable law, subject to necessary approval including the approval of the members of the Company by way of a special resolution, and such other permissions, sanctions and statutory approvals, as may be required.

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