Superior Industrial Enterprises Limited announced that it has received INR 294.50 million in funding from HAL Offshore Limited, Hindustan Aqua Limited, Jay Polychem India Limited, Moon Beverages Limited, and other investors.

Superior Industrial Enterprises Limited (BSE:519234) announced a private placement of 10,000,000 shares of face value INR 10 per share on September 5, 2012. The shares will be issued to existing promoters and strategic investors on a preferential basis. The transaction was approved at the board meeting. The closing of the transaction is subject to the transaction being approved at the shareholder's meeting to be held on September 29, 2012.

On September 27, 2012, the company announced that the board meeting was adjourned.

On September 29, 2012, the company announced that at the annual general meeting, the shareholders did not approve the preferential allotment transaction. The shares will be issued to Moon Beverages Limited, HAL Offshore Limited, Hindustan Aqua Limited, and Jay Polychem (India) Pvt. Ltd., among 16 other individual and Hindu undivided family investors, subscribing to 1,400,000, shares, 1,400,000 shares, 1,000,000 shares and 1,500,000 shares respectively. The company will issue the shares at INR 30 per share for gross proceeds of INR 300,000,000.

On October 13, 2012, the company announced that the transaction was approved at the board of directors' meeting. The transaction is subject to the approval of the shareholders of the company in the ensuing extra ordinary general meeting scheduled to be held on November 15, 2012.

On November 17, 2012, the shareholders of the company approved the transaction for the allotment of 10,000,000 shares at INR 31 per share.

On January 19, 2013, Superior Industrial Enterprises Limited closed the transaction. The company issued 9,500,000 shares at INR 31 per share for gross proceeds of INR 294,500,000. The company issued 1,400,000 shares to Moon Beverages Limited, 1,400,000 shares to HAL Offshore Limited, 1,500,000 shares to Jay Polychem India Limited and 1,000,000 shares to Hindustan Aqua Limited. The transaction also saw participation from 11 individual investors and three Hindu undivided families. The board of directors of the company approved the transaction. Out of the total shares issued, 2,770,000 shares are subject to a hold period expiring on January 18, 2016 and 6,730,000 shares are subject to a hold period expiring on January 18, 2014.