Kalyanpur Cements to issue NCDs

Kalyanpur Cements Ltd has announced that the Board of Directors, pursuant to the Scheme of Compromise approved by the Hon'ble Calcutta High Court, vide their Order dated November 21, 2006 have approved in their meeting held October 04, 2008, issue of Non Convertible Debentures amounting to Rs 117.289 crores (on conversion of debts) in favour of Secured Lenders namely, The Asset Reconstruction Company (India) Ltd., Industrial Investment Bank of India Ltd and Allahabad Bank.

The Company intends to create mortgage on its assets in favour of the Debenture Trustees for which the approval of Shareholders through postal ballot is required. Necessary steps are being taken to obtain the Shareholders approval in this regard.

Source : Equity Bulls

Keywords