Kalpena Industries cancels Preferential allotment of CCDs

Kalpena Industries Ltd has announced that Board of Directors of the Company at its meeting held on June 27, 2009, inter alia, has decided to cancel the preferential allotment of 9,50,000 Compulsory Convertible Debentures (CCDs) of Rs 10/- each (at a Premium of Rs 83.15 to other than Promoters) due to certain disputes arose with the proposed allottees. Since the Company did not receive the subscription money within the prescribed time, the Company had no option but to shelve the issue of CCDs as per Regulation 13.4.3 of SEW (DIP) guidelines, 2000.

Source : Equity Bulls

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