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Corporate News
21-Feb-17
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Electrotherm (India) allots 12,66,440 equity shares
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On conversion of Partially Convertible Partially Redeemable Preference Shares
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Electrotherm (India) announced that as per the terms of issue of 2,85,90,000 Partially Convertible Partially Redeemable Preference Shares ("PCPRPS") of Rs. 10/- each allotted to Edelweiss Asset Reconstruction Company ("EARC") on 22 August 2015, being an Financial institution within the meaning of sub clauses (ia) and (ii) of clause (h) of section 2 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Securities Allotment Committee of the Company at its meeting held on 21 February 2017 allotted fully paid-up 12,66,440 Equity Shares of face value Rs. 10/- each to EARC at a conversion price of Rs. 225.75 representing 9.94% of the post allotment paid-up equity capital of the Company.
Further the balance / fraction amount, if any, remaining outstanding after the said conversion of PCPRPS will continue to be part of loan by EARC.
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