The Board of Shalimar Paints at its meeting held on 10 July 2018 has approved the following -

1. Draft Letter of Offer of the Company and related documents in respect of the proposed Rights Issue not exceeding an amount of Rs. 240 crore

2. Re-establishment of Nashik Plant of the Company and establishment of new Regional Distribution Centre (RDC) at Nashik Plant.

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Shalimar Paints will hold a meeting of the Board of Directors of the Company on 10 July 2018 to consider and approve the draft Letter of Offer of the Company and related documents in respect of the proposed Rights Issue and any other matter which Board may deem fit

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Net Loss of Shalimar Paints reported to Rs 16.07 crore in the quarter ended March 2018 as against net loss of Rs 12.81 crore during the previous quarter ended March 2017. Sales declined 18.78% to Rs 60.22 crore in the quarter ended March 2018 as against Rs 74.14 crore during the previous quarter ended March 2017.

For the full year,net loss reported to Rs 45.42 crore in the year ended March 2018 as against net loss of Rs 9.62 crore during the previous year ended March 2017. Sales declined 22.47% to Rs 271.19 crore in the year ended March 2018 as against Rs 349.78 crore during the previous year ended March 2017.

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The Board of Shalimar Paints at its meeting held on 22 March 2018 has approved the Letter of Offer and other documents in respect of proposed Rights Issue of 35,52,370 Equity Shares for cash at the price of Rs. 140/- per share including premium aggregating to Rs. 49.73 crore by the Company.

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