Nitta Gelatin India Ltd approves issue of OCPS

The Board of Directors of Nitta Gelatin India Ltd at its meeting held on March 20, 2015, has discussed and decided the expansion proposal. The Company requires around Rs. 1580 Lakhs Capex, to augment the environment management infrastructure at all its production centres. To finance the said capital expenditure, the Board proposes to recommend to the shareholders to issue 9,29,412 Optionally Convertible Preference Shares (OCPS) at face value of Rs. 170/- per OCPS, to Nitta Gelatin INC., (Promoter) in accordance with the provisions of Companies Act, 2013 ("Act") , Foreign Exchange Management Act, 1999, chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and any other statutory authorities.

The Board approved draft notice of Extra Ordinary General Meeting to be held on April 17, 2015.

Shares of NITTA GELATIN INDIA LTD. was last trading in BSE at Rs.133.4 as compared to the previous close of Rs. 133.1. The total number of shares traded during the day was 15125 in over 79 trades.

The stock hit an intraday high of Rs. 138 and intraday low of 132.3. The net turnover during the day was Rs. 2023725.

Source : Equity Bulls

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