Southern Iron to issue preference shares on preferential basis, to convert loans into equity

Southern Iron & Steel Company Ltd has announced that the Board of Directors of the Company at its meeting held on January 19, 2007, has decided to convene two separate Extra Ordinary General Meeting to get the shareholders approval for the following purposes:

1. Issue of Preference Shares on preferential basis to the extent of Rs 9.90 crores, for the redemption of Preference Shares held by Tamilnadu Industrial Development Corporation Ltd.

2. Issue of equity shares to Banks and Financial Institutions on conversion of Optionally Convertible Loans into equity at a premium of Rs 52 to the extent of Rs 395.43 crores.

Source : Equity Bulls

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