Pursuant to the approval of shareholders through postal ballot resolution passed on March 21, 2014, Gujarat Foils Ltd has issued and allotted 2,50,00,000, 10% Non-Convertible Non-Cumulative Redeemable Preference shares of Rs. 10/- each at a premium of Rs. 10/- per share to the Promoters namely Mr. Abhay Lodha and Mr. Ashwin Lodha.