Jayaswal Neco approves redemption of CRPS

Jayaswal Neco Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 28, 2010, approved the proposal of redemption of the 0.001% Cumulative Redeemable Preference Shares (CRPS) and 10.00% Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) of the nominal value of Rs. 20.63 Crores and Rs. 28.87 Crores respectively on February 28, 2010.

As per the original terms of redemption the above CRPS and OCCRPS are redeemable in 12/20 quarterly installments commencing from 2015 and 2012 respectively.

Separate Meetings of the holders of the above said Preference Shares have been convened on February 27, 2010 to consider and approve variation of the rights attached to the abovesaid Preference shares with respect to advancing the date of redemption as proposed above and approving the amount per share payable towards the redemption of the Preference shares referred to above.

The stock closed the day at Rs.30.60, up by Rs.0.20 or 0.66%. The stock hit an intraday high of Rs.31.50 and low of Rs.30.10.

The total traded quantity was 232366 compared to 2 week average of 333977.

Source : Equity Bulls

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