Facor Steels issues Preference Shares to IFCI

Facor Steels Ltd has announced that pursuant to the Rehabilitation Scheme sanctioned by the Hon'ble BIFR to the Company for its revival, 150705 0.01% Redeemable Preference Shares of Rs 100/- each were allotted and issued to the IFCI in partial settlement of their outstanding dues payable by the Company to them. The said Redeemable Preference Shares are redeemable at par in five equal annual installments commencing from July 01, 2013.

Further, on the lines of other Financial Institutions, Company has reached one time settlement with IFCI for pre-mature redemption of above referred preference shares on mutually agreed terms & conditions as accepted by IFCI Ltd. vide their letter dated January 21, 2008. Accordingly, the Company contemplates to redeem these outstanding preference shares by January 31, 2008.

Source : Equity Bulls

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