Rossell India Ltd board approves issue of 10 lakh CCPS to holding company

The Board of Directors of Rossell India Ltd at its Meeting held this morning i.e. 22nd March, 2022, considered and approved the issue of 10,00,000 0.01% Compulsorily Convertible Preference Shares of Rs.10 each, on preferential basis to BMG Enterprises Ltd., the Holding Company, subject to the approval by the Members of the Company.

An Extraordinary General Meeting of the Members of the Company is being convened for seeking approval from Members through remote e-Voting process for the above businesses as well as for Re-appointrnent of Mr. Krishan Katyal, as an Independent Director on the Board as resolved in the Meeting of the Board held on 21st March, 2022.

The board also approved the reclassification of Existing Share Capital of Rs. 9,00,00,000 (Rupees Nine Crores) divided into 4,50,00,000 (Four Crores Fifty Lakhs) Equity Shares of Rs. 2 each to Reclassified Share Capital of Rs. 9,00,00,000 (Rupees Nine Crores) divided into:

(a) Rs.7,60,00,000 (Rupees Seven Crores Sixty Lakbs) divided into 3,80,00,000 Equity Shares of Rs.2 each and

(b) Rs. l,40,00,000 (Rupees One Crore Forty Lakbs) divided into 14,00,000 Preference Share of Rs. l0 each

and consequential alteration in the Clause V of the Memorandum of Association of the Company, in accordance with the relevant Provisions of the Companies Act, 2013 and the Articles of Association of the Company.

Each CCPS is convertible into 1 Equity Share and the conversion can be exercised within a period of 18 months from the date of allotment, by the Proposed Allottee by sending prior notice to the Company of their intention for such conversion.

Shares of Rossell India Limited was last trading in BSE at Rs. 164.60 as compared to the previous close of Rs. 158.70. The total number of shares traded during the day was 7522 in over 155 trades.

The stock hit an intraday high of Rs. 166.00 and intraday low of 152.75. The net turnover during the day was Rs. 1229591.00.

Source : Equity Bulls

Keywords

RossellIndia INE847C01020 PreferentialIssue CCPS BMGEnterprises