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Hitech Plast announced that the Allotment Committee of the Board has, in its Meeting held on 07 January 2016, allotted 3,09,44,164 9% Non Convertible Redeemable Cumulative Preference Shares of Rs. 10/- each fully paid up (Preference Shares) to the eligible Equity Shareholders of Clear Mipak Packaging Solutions (the transferor company) towards payment of consideration in connection with the "Scheme of Amalgamation of Clear Mipak Packaging Solutions with Hitech Plast (the Scheme).
Further the Company has now received approval from Registrar of Companies, Mumbai for increasing its Authorised Capital from Rs.20 crore to Rs.60.50 crore as mentioned in the Scheme.
The terms and conditions of the issue of said Preference Shares, interalia, includes :
1. Preference Shares will carry preferential (cumulative) right to dividend, at the coupon rate, when declared and the dividend will be calculated pro rata i.e. from the date of allotment of such Preference Shares.
2. The Preference Shares will have the maximum redemption period of 20 years and it will be redeemed at par at Rs. 10/- each.
The said Preference Shares will not be listed on any of the Stock Exchanges.
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