Apollo pipes Ltd to set up Subsidiaries

Company has informed to the exchange that Company has ; 1. Approved an investment plan of up to ₹300 crores for setting up a subsidiary(ies) of Apollo Pipes Limited, proposed to be incorporated, for entering into the tiles and ceramics business. The proposed subsidiary(ies) shall, inter alia, be engaged in the manufacturing, including contract manufacturing, trading, marketing and distribution of tiles, ceramics and allied products, including by acquiring operational and profitable manufacturing businesses. 2. Approved the issuance of upto 31,00,000 Warrants, each convertible into 1 (one) fully paid-up equity share of face value of ₹10 (Rupees Ten Only) each, at a price of ₹610/- (Rupees Six Hundred Ten Only) (including a premium of ₹600/- each) per Warrant(“Warrant Issue Price”), aggregating upto ₹189,10,00,000/- (Rupees One Hundred Eighty Nine Crore Ten Lakh Only), to identified persons belonging to ‘Non-Promoter’ Category on preferential basis (‘Preferential Issue'), for cash consideration, in accordance with the provisions of the Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), applicable provisions of the Companies Act, 2013 and other laws and subject to approval of shareholders of the Company and other requisite statutory and regulatory approvals. 3. Approved the proposal to increase the authorised share capital of the Company from ₹50,00,00,000 to ₹60,00,00,000, divided into 6,00,00,000 Equity Shares of ₹10 each, in order to provide adequate authorised share capital for allotment of Equity Shares upon conversion of the proposed Warrants, subject to approval of the Members of the Company.