Kesoram Industries Ltd approves preferential issue of Rs. 90 crores

The Board of Directors of Kesoram Industries Ltd at its meeting held on February 16, 2016, has approved the preferential issue of (a) equity shares of face value of Rs. 10 each ("Equity Shares") of an amount up to Rs. 90 Cr. to Manav Investment and Trading Company Limited, a promoter group company and (b) Optionally Convertible Preference Shares of face value of Rs. 100 each ("OCPS") of an amount up to Rs. 90 Cr. to Induslnd Bank Limited, a banking company listed on the Stock Exchanges, on such terms and conditions as may be mutually agreed upon. Both issues will be subject to provisions as prescribed under Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and the Companies Act, 2013 and rules thereunder, and also subject to the approval of the Shareholders of the Company to be taken through postal ballot.

A committee of the Board will decide/formulate further details of the proposed preferential issue.

The Board approved the appointment of Tridib Kumar Das, Chief Financial Officer of the Company, as Whole-time Director, with effect from April 01, 2016 for a period of three years.

K. C. Jain will cease to be Whole-time Director effective close of business March 31, 2016.

Shares of KESORAM INDUSTRIES LTD. was last trading in BSE at Rs.80.15 as compared to the previous close of Rs. 81.75. The total number of shares traded during the day was 209405 in over 1788 trades.

The stock hit an intraday high of Rs. 84.1 and intraday low of 77.7. The net turnover during the day was Rs. 16592187.

Source : Equity Bulls

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