Alps Industries adopts CDR scheme, approves preferential issue

Alps Industries Ltd has announced that the Board of Directors of the Company at its meeting held on September 22, 2009, inter alia, has approved the adoption of Credit Debt Restructuring (CDR) Scheme of the Company which involves, inter alia, sale of some of the assets of the Company.

The Board approved proposal for re-appointment of Mr. P. K. Rajput, whole time director and designated as Executive Director of the Company.

The Board also approved the recommendation for re-appointment of M/s. P. Jain & Co., as Statutory Auditors of the Company.

The Board approved in principle and recommendation for shareholder's approval, the preferential issue of equity shares of the value of Rs. 10.08 crores (approx.) inclusive of Premium if any to promoters group which forms part of the promoters contribution towards cost of restructuring and issue of Quasi Equity Instruments of the value of Rs. 400.00 Crores (approx.) being conversion of loans to lenders in accordance with the Credit Debt Restructuring Scheme of the Company.

The stock closed the day at Rs.13.18, up by Rs.0.04 or 0.30%. The stock hit an intraday high of Rs.13.75 and low of Rs.13.10.

The total traded quantity was 179385 compared to 2 week average of 220179.

Source : Equity Bulls

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