| The Board of Steel Strips Wheels at its meeting held on 09 January 2024 has approved the infusion of Rs 138.15 crore into AMW Autocomponent (AACL) through a mix of equity and debt as per the approved Resolution Plan in the following manner: --
i) Subscription of 50,00,000 equity shares of Rs 10 each aggregating to
Rs. 5 crore of AMW Autocomponent (AACL)
ii) the remaining amount i,e. Rs, 133.15 crore as Inter Corporate Loan to AACL.
Upon implementation of Resolution Plan, SSWL shall hold 100% equity interest in AACL, consequently, AACL shall become wholly owned subsidiary of SSWL. Simultaneously, as provided in the Resolution Plan, the existing issued equity share capital of AACL comprising of 4,92,03,251 equity shares of face value Rs. 10/- each held by existing shareholders shall be cancelled and extinguished without any payment to the shareholders in accordance with the approved Resolution plan.
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