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CEAT LTD. - Qualified Institutional Placement
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24 Nov 2014
Ceat Ltd has informed BSE that subsequent to the approval accorded by the Board of Directors of the Company, at its meeting held on August 26, 2014 and the approval of the shareholders of the Company by way of a special resolution dated September 26, 2014 for the QIP, the QIP Committee of the Company i.e. November 24, 2014 has, inter alia passed the following resolutions:&lt;br/&gt;&lt;br/&gt;a. Authorizing the opening of the QIP on November 24, 2014;&lt;br/&gt;&lt;br/&gt;b. Approving the preliminary placement document dated November 24, 2014 in connection with the QIP, (the &quot;Preliminary Placement Document&quot;); and&lt;br/&gt;&lt;br/&gt;c. Approval of the floor price for the QIP.&lt;br/&gt;&lt;br/&gt;Further the Company has informed that, the &apos;Relevant Date&apos; for this purpose, in terms of Regulation 81(c)(i) of the SEBI ICDR Regulations, is November 24, 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 930.53 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations, and further to the shareholder resolution dated September 26, 2014, the Company may offer a discount of not more than 5% on the floor price so calculated for the QIP.
View all announcements for CEAT LTD. Source: BSE India