Nicco Corporation to consider preferential allotment of shares

Nicco Corporation Ltd has announced that a meeting of the Committee of Directors (CoD) of the Company will be held on March 21, 2007 to consider Preferential Allotment of 4,54,54,545 Equity Shares of Rs 2/- each at par, to six strategic Investors in accordance with the Scheme of Arrangement for Re-Organisation of the Share Capital of the Company as approved by the Hon'ble High Court at Calcutta under the provisions of sections 391 and 394 of the Companies Act, 1956 vide Order dated August 02, 2006 by way of conversion of Optionally Convertible Cumulative Preference Shares (OCCPs) of Rs 22/- each into Equity Shares of the Company.

Source : Equity Bulls

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