Galaxy Cloud Kitchens Ltd cancels preferential allotment

The Board of Directors of Galaxy Cloud Kitchens Ltd at their meeting on March 30, 2021 has approved the issuance of 1,11,11,111 equity shares of face value 10/- each fully paidup at a premium of Rs. 8/- each aggregating to Rs.19,99,99,998/- (Rupees Nineteen Crore Ninety Nine Lakh Ninety Nine Thousand Nine Hundred Ninety Eight only) on a preferential basis to selected non-promoter investors. The Board has decided to cancel the present preferential issue of 1,11,11,111 Equity Shares and refund the subscription amount received from the two investors through a circular resolution. The Board proposes to review its requirement of additional capital in near future once stability is resumed or new investor(s) with more firm commitment could be finalised for such fund requirements.

Source : Equity Bulls

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