KJMC Financial Services Ltd to allot 85000 CCPS

The Board of Directors of KJMC Financial Services Ltd has accorded their approval by Circular Resolution passed on February 28, 2014, to allot 85000, 0% Compulsory Convertible Preference Shares ("CCPS") of Rs. 100/- each at a premium of Rs. 100/- per share aggregating to Rs. 1,70,00,000/- (Rupees One Crore Seventy Lacs Only) to KJMC Corporate Advisors (India) Limited, a Promoter Group Company as per SEBI (ICDR) Regulations, 2009 on preferential basis which shall be compulsorily convertible into equity shares of the Company at an offer price of Rs. 20/- per share determined in accordance with the SEBI ICDR Regulations.

The Board also approved the redemption of existing 85,000, 12% Non Cumulative Redeemable Preference Shares of Rs. 100/- each out of the proceeds of aforesaid allotment of 85000, CCPS of the Company.

Source : Equity Bulls

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