HMT allots 8% Redeemable Preference Share to President of India

The Revival & Restructuring Plans of HMT Ltd was approved by the Government of India which envisages financial support of Rs. 1083.48 Crores which includes cash infusion of Rs. 425 Cr against which the Company has to issue of 8% Redeemable Preferential Share Capital for Rs. 425 Crore.

In phase I, the Government of India has released the sanctioned funds amounting to Rs. 217 Crore. Further, the Board of Directors of the Company at their 305th Meeting held on January 25, 2014 approved the allotment of fully paid-up 8% Redeemable Preference Shares of Rs. 100/- each for a face value of Rs. 217 Cr. in favour of President of India which is redeemable within two years as per the terms of sanction of the investment by Government.

Shares of HMT LTD. was last trading in BSE at Rs.27.3 as compared to the previous close of Rs. 25.3. The total number of shares traded during the day was 432098 in over 3558 trades.

The stock hit an intraday high of Rs. 30.15 and intraday low of 25.35. The net turnover during the day was Rs. 12209643.

Source : Equity Bulls

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