Nuchem to issue 7,50,000 shares to IFCI

Nuchem Ltd has announced that the Board of Directors of the company at its meeting held on December 28, 2006 has approved to issue 7,50,000 equity shares of Rs 10/- each aggregating to Rs 75 lacs to IFCI Ltd in terms of restructuring of its term liabilities as agreed to by the said Institution, subject to approval of shareholders of the company in terms of provisions of Section 81(1A) and other applicable provisions of the Companies Act, 1956 as also all other consents and permissions, that may be required under law or the guidelines issued by SEBI.

Source : Equity Bulls

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