KG Denim seeks EGM approval to issue equity shares to preference shareholders

KG Denim Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 28, 2007, to transact 6,25,000 10% cumulative redeemable preference shares of the Company of Rs 100/- each representing 62.50% of the existing preference share capital of the Company be redeemed by the issue of equity shares to the preference shareholders, of 25,00,000 equity shares of face value of Rs 10/- each at a premium of Rs 15/- per share or at the price on the relevant date (being 30 days before the date of this meeting) as prescribed under Clause 13.1.1 of the SEBI (Disclosure and Investor Protection) Guidelines, whichever is higher and that the Board of Directors of the Company be and are hereby authorized to issue such shares in one or more tranches but so as to implement this resolution within a period of 15 days from the date of this resolution.

Source : Equity Bulls

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