Dhandapani Finance to issue ROCPS for Rs.23 Crores

With reference to the earlier announcement dated January 12, 2007, Dhandapani Finance Ltd has announced that the Issue of Redeemable Optionally Convertible Preference shares (ROCPS) to the extent of Rs 23 crores to the proposed allottee, D B Zwirn Mauritius Trading No.2., the Company states as under:

The Company proposes to issue Redeemable Optionally Convertible Preference shares (ROCPS) through this preferential allotment. As per the terms of the issue, the allottee shall have the option to require the Company to redeem all of the ROCPS, if not already converted, on the expiry of the seventeenth month from the date of issue; or to convert the ROCPS into Equity Shares no later than 18 months from the date of allotment. Unless the ROCPS have been redeemed earlier or converted to Equity Shares, the ROCPS shall be mandatorily converted into Equity Shares upon the expiry of eighteen months from the date of issue of ROCPS, as stipulated in the SEBI (DIP) Guidelines.

Source : Equity Bulls

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