Metroglobal approves conversion of debentures

The Board of Directors of Metroglobal Ltd at its meeting held on December 22, 2012, has discussed and considered conversion of 33,06,660 0.1% Convertible Unsecured Debentures in to equity Shares on Preferential basis to Promoters in two trenches i.e. 1050000 equity shares of Rs. 10/- each at a premium of Rs. 170/- to be issued on or before March 31, 2013 and 787033 equity shares Rs. 10/- each at a premium of Rs. 170/- to be issued on or before March 31, 2014.

The Board Considered conversion of 33,78,000 0.1% Convertible Unsecured Debentures in to equity Shares on Preferential basis to Non promoter into 1876667 equity shares Rs. 10/- each at a premium of Rs. 170/- to be issued on or before March 31, 2013.

The Board Board Considered revision of remuneration of Chairman & Managing Director Shri Gautam M. Jain and Executive (Whole Time) Director Shri Rahul G. Jain as approved by remuneration Committee & Audit Committee of the Company.

The Board Considered shifting of Registered office from Mahad to Mumbai.

The Board considered draft of the Postal Notice, Resolutions & Explanatory Statement & appointment of Scrutinizer, Practicing Company Secretary, Ravikapoor & Associates.

The Metroglobal Ltd stock closed the day at Rs.48.95, up by Rs.1.75 or 3.71%. The stock hit an intraday high of Rs.49.35 and low of Rs.45.85.

The total traded quantity was 2116 compared to 2 week average of 2810.

Source : Equity Bulls

Keywords