TCI Industries Limited approves issue of 107602 NCRPS

The Board of Directors of TCI Industries Limited at their Meeting held today i.e. Tuesday, April 20, 2021, has considered and approved the Issue of upto 107602 nos. of 0% Non-Convertible Redeemable Preference Shares (NCRPS) of Face Value Rs. 100/- at an issue price of Rs. 400/- (including premium of Rs. 300/-) on preferential basis to Promoter(s) and Promoter Group Company(ies).

The said NCRPS shall not carry any dividend and will be redeemed at premium of 18% [simple] p.a. on the issue price, i.e. Rs. 400/- per share, in accordance with the relevant provisions of the Companies Act, 2013 out of profits available for distribution as dividend and /or by issue of fresh shares, in one or more tranches at the option of the Company only, within the maximum permissible time period under the provisions of Section 55 of the Companies Act, 2013, which period is presently 20 years from the date of issue of NCRPS, or such other extended period which may be provided by any subsequent modification or amendment to the Act.

The said issue shall be subject to approval of members to be obtained by way of passing Special Resolution through Postal Ballot as per applicable provisions of the Companies Act, 2013 and any other applicable law(s), if any.

Shares of TCI INDUSTRIES LTD. was last trading in BSE at Rs.901.95 as compared to the previous close of Rs. 860. The total number of shares traded during the day was 5 in over 1 trades.

The stock hit an intraday high of Rs. 901.95 and intraday low of 901.95. The net turnover during the day was Rs. 4509.

Source : Equity Bulls

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