Alkyl Amines to issue 10,00,000 preference shares

Alkyl Amines Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on October 31, 2006, has approved, subject to approval of the shareholders at the Extraordinary General Meeting to be held on November 27, 2006, the issue of 10,00,000 - 6% Cumulative Redeemable Voluntary Convertible Preference Shares of Rs 100/- each of the aggregate value of Rs 10 crores to the company’s Promoter and Chairman & Managing Director, Mr Yogesh M Kothari.

Further the Company has informed that, the said preference shares will at the option of the shareholder, be convertible into equity shares of Rs 10/- each on expiry of 18 months from the date of allotment, at a price of Rs 75/- per equity share.

Source : Equity Bulls

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