Board of Optiemus Infracom Approves Investment of Rs 29.05 Cr

The Board of Directors of Optiemus Infracom at its meeting held on Tuesday approved the acquisition of 2,90,50,000 equity shares, said the company via exchanges. The shares will be of 10 rupees each with an offer price of 10 rupees each amounting to a consideration of 29.05 crore rupees.

Key Takeaways from the Investment:

• Board approves acquisition of 29.05 crore rupees.
• The acquisition will be done via the rights issue of BigTech.
• The transaction is likely to be completed on or before June 15.

The acquisition will be done by way of subscribing to the rights issue of Bharat Innovative Glass Technologies (BigTech), a joint venture cum subsidiary of the company. The transaction is likely to be completed on or before June 15. 

The objectives behind the investment are to support BigTech to meet its fund requirements for setting up of manufacturing facility, to maintain ownership and control in the joint venture cum subsidiary company, enhancement of brand image and value creation for the stakeholders of Optiemus, and strengthened balance sheet and greater financial flexibility and earnings.

About Bharat Innovative Glass Technologies Private Limited:

Bharat Innovative Glass Technologies Private Limited is a company incorporated as a subsidiary cum joint venture of Optiemus Infracom Limited and Corning International Corporation, a company incorporated under the laws of Delaware, USA. The company is engaged in the business of manufacturing finished cover glass for use in mobile consumer electronic devices, and other cover glass applications, to meet the needs of next-generation mobile consumer electronic devices.

About Optiemus Infracom Limited:

Optiemus Infracom Limited founded in 1993, is a diversified, award-winning, high-performance telecommunications enterprise. The group has over 25 years of multi-domain experience including managing, distributing, manufacturing and retailing mobile brands and other telecommunication products in India. 

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