Man Industries (India) advanced nearly 8% and touched monthly high of Rs128.90, after the company announces strategic partnership with Kobe Steel , So far, 4.30 lakh shares have traded on the BSE as against the two-week average volume of 0.10 lakh shares.
Detailed story
Man Industries (India) one of India’s leading pipe manufacturing company announces strategic partnership with Kobe Steel , Ltd one of the leading steel manufacturers in Japan for future growth of the companies. MAN and KOBE have entered into following key agreements:
Memorandum of Understanding for commercial and technical business cooperation to develop products jointly and eventually meet the demands of the global steel pipe market both MAN and KOBE will jointly explore prospective business opportunities in the global steel pipe market and conduct joint research and development of products. The companies will continue to explore areas to further strengthen the long-term strategic partnership.
Share Subscription Agreement under which KOBE will invest Rs300 million by subscribing to 1,818,181 equity shares of Rs5 each for consideration of Rs165 per share (including a premium of Rs160 per share) on preferential allotment basis.
The investment of Rs300 million by KOBE demonstrates exploring of long-term strategic partnership. The preferential allotment to KOBE will be pursuant to Chapter VII of SEBT. (ICDR) Regulations and subject to shareholders’ approval and any other consents as may be required under the memorandum and articles of association of MAN, Section 81(1A) of the Companies Act of 1956, the listing agreements entered into by MAN with the relevant stock exchanges, the Foreign Exchange Management Act, 1999 together with the regulations there under. A meeting of the equity shareholders of MAN will be convened on April 20, 2012 in order to obtain their approval for the proposed preferential issue of shares.
Mr. R. C. Mansukhani, Promoter and Chairman of MAN said, “This is the first of its kind alliance in the world where a Japanese Plate/Coil manufacturer and one of the leading Indian pipe manufacturers have joined hands to explore the market potential. We are very much excited with this partnership and look forward to have a mutually rewarding association going forward.”
Keynote Corporate Services Ltd. acted as an exclusive financial advisor to MAN in this transaction.
....more info
Detailed story
Man Industries (India) one of India’s leading pipe manufacturing company announces strategic partnership with Kobe Steel , Ltd one of the leading steel manufacturers in Japan for future growth of the companies. MAN and KOBE have entered into following key agreements:
Memorandum of Understanding for commercial and technical business cooperation to develop products jointly and eventually meet the demands of the global steel pipe market both MAN and KOBE will jointly explore prospective business opportunities in the global steel pipe market and conduct joint research and development of products. The companies will continue to explore areas to further strengthen the long-term strategic partnership.
Share Subscription Agreement under which KOBE will invest Rs300 million by subscribing to 1,818,181 equity shares of Rs5 each for consideration of Rs165 per share (including a premium of Rs160 per share) on preferential allotment basis.
The investment of Rs300 million by KOBE demonstrates exploring of long-term strategic partnership. The preferential allotment to KOBE will be pursuant to Chapter VII of SEBT. (ICDR) Regulations and subject to shareholders’ approval and any other consents as may be required under the memorandum and articles of association of MAN, Section 81(1A) of the Companies Act of 1956, the listing agreements entered into by MAN with the relevant stock exchanges, the Foreign Exchange Management Act, 1999 together with the regulations there under. A meeting of the equity shareholders of MAN will be convened on April 20, 2012 in order to obtain their approval for the proposed preferential issue of shares.
Mr. R. C. Mansukhani, Promoter and Chairman of MAN said, “This is the first of its kind alliance in the world where a Japanese Plate/Coil manufacturer and one of the leading Indian pipe manufacturers have joined hands to explore the market potential. We are very much excited with this partnership and look forward to have a mutually rewarding association going forward.”
Keynote Corporate Services Ltd. acted as an exclusive financial advisor to MAN in this transaction.
....more info