Khaitan Electricals Ltd to issue preference shares

The Board of Directors of Khaitan Electricals Ltd at its meeting held on August 13, 2015, has approved the fund raising proposal subject to approval of members in the forthcoming Annual General Meeting.

The board has proposed to issue Redeemable Preference Shares on preferential allotment basis to Promoter(s) and Promoter Group Companies.

The Board also took note of erosion of more than 50% of the net worth of the Company and making reference to Board for Industrial and Financial Reconstruction.

Source : Equity Bulls

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