Nicco Corporation to reorganise share capital

Nicco Corporation Ltd has announced that the following events are taking place in terms of the Scheme of Arrangement for Reorganisation of the Share Capital of the Company:

1. The paid up value of each Equity Share of the Company of Rs 10/- each is reduced from Rs 10/- to Rs 2/- each. The total number of Equity Shares however remain the same at 4,37,85,098 Equity Shares.

2. Six strategic investors are to be allotted 90,90,909 Optionally Convertible Cumulative Preference Shares (OCCPS) of Rs 22/- each bearing a coupon rate of 6% per annum convertible into 5 Equity Shares of Rs 2/- each upon exercise of the option by the Investor within 18 months from the date of allotment of OCCPS.

3. Since the number of Equity Shares would remain the same with the face value of each Equity Share of Rs 10/- each before the Scheme, becoming an Equity Share of Rs 2/- each after the sanction of the scheme.

Source : Equity Bulls

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