By: ICN Bureau
Last updated : September 15, 2021 8:29 am
Post this acquisition, SAPL will become wholly owned subsidiary of the company.
The Board of Directors of DCM Shriram Ltd in their meeting held through Video Conference on 13.9.2021, has approved the proposal to acquire/buy 17,32,500 equity shares of Rs. 10/- each of Shriram Axiall Pvt. Ltd.(SAPL), {a 50:50 JV between the Company and Axiall LLC, (USA)}, from Axiall LLC, being entire 50% of the paid-up share capital held by Axiall LLC in SAPL.
As per JV agreement, Axiall LLC has given us the option, either to buy their shares in SAPL or to sell the Company's shares in SAPL to Axiall LLC. The Board of Directors of the Company considered the above options and the proposal to acquire / buy entire 50% shareholding held by Axiall LLC in SAPL, has been approved by the Board.
Post this acquisition, SAPL will become wholly owned subsidiary of the company.