Khandelwal Extractions Ltd to seek shareholders nod for issue of CRPS

The Board of Directors of Khandelwal Extractions Ltd at its meeting held on July 29, 2014, have considered and approved the recommendation to shareholders for seeking their approval to issue 500000 10.5% Cumulative Redeemable Preference Shares of Rs. 100/- each on private placement basis and change in Capital Clause of Memorandum of Association of the Company to increase Authorised Capital of the Company from Rs. 150 lacs to Rs. 200 lacs by adding 50000 10.5% Cumulative Redeemable Preference Shares of Rs. 100/- each. These shares are not to be Listed.

The Board also approved recommendation to shareholders seeking there fresh approval for issue of 5000 12% Cumulative Redeemable Preference Shares of Rs. 100/- each (already approved by shareholders in AGM dated September 28, 2013) and utilize the proceeds thereof to redeem 5000 10% Cumulative Preference shares of Rs. 100/- each due for maturity on October 15, 2014.

The Board approved proposal to redeem 5000- 10% Cumulative Redeemable Preference Shares of Rs. 100/- each on the date of maturity i.e. October 15, 2014 out of the proceeds of issue of new Preference shares and pay dividend accrued on these for the period April 01, 2014 till the date of maturity out of current year's profits.

The Board appointed Mr. Kailash Nath Khandelwal as Chairman of the Company and appointed Mrs. Rekha Kejriwal additional director in terms of section 149 of the companies Act 2013 as Independent director and also to comply the listing requirement for Woman director on the Board of the Company.

Source : Equity Bulls

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