Mysore Cements networth turns positive, submits discharge letter to BIFR

Mysore Cements Ltd has announced that the net worth of the Company has turned positive consequent to the preferential allotment of 6,65,00,000 Equity Shares of Rs 10/- each at a price of Rs 54/- (including a premium of Rs 44/- per Equity Share) to Cementrum I B.V. of HeidelbergCement Group, the Company submitted to the Hon'ble Board for Industrial and Financial Reconstruction for discharge as a sick industrial company u/s 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985. The Board has held that the Company has ceased to be a sick industrial company and closed the proceedings.

Source : Equity Bulls

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