Gangotri Textiles to consider allotment of share on conversion of loans

Gangotri Textiles Ltd has announced that a meeting of the Board of Directors of the Company will be held on May 07, 2009, inter alia, to consider allotment of 68,39,945 Equity Shares of Rs 5/- each to M/s. State Bank of India, Main Branch, Chennai for conversion of loans outstanding.

The Board will consider allotment of 70,00,000 6.5% Redeemable Cumulative Preference Shares of Rs 100/- leach to M/s. State Bank of India, Main Branch, Chennai for conversion of loans outstanding.

The Board wil also consider allotment of 98,49,521 Equity Shares of Rs 5/- each to Mrs. Anita Tibrewal, a member of the Promoter's Group for the amount brought in by her into the Company and kept as Un-secured loan after receiving necessary approval from SEBI.

These allotments are to be made in terms of the approved Corporate Debt Restructuring Scheme.

The Stock closed the day at Rs.4.25. The stock hit an intraday high of Rs.4.25 and low of Rs.4.01.

The total traded quantity was 1500 compared to 2 week average of 4099.

Source : Equity Bulls

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