Gangadharam Appliances EGM approves issue of securities

Gangadharam Appliances Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 01, 2007, inter alia, have accorded to the following:

1. Increase the Share Capital of the Company to Rs 14,00,00,000/- divided into 1,00,00,000 Equity Shares of Rs 10/- each and 4,00,000 Preference Shares of Rs 100/- each from existing Rs 10,00,00,000/- divided into 1,00,00,000 Equity Shares of Rs 10/- each, by the creation of 4,00,000 Preference Shares of Rs 100/- each and consequential amendments in the Memorandum and Articles of Association of the Company.

2. Authorize the Board of Directors of the Company to offer / issue / allot Zero Percent Non-Convertible Redeemable Preference Shares of the face value of Rs 100/- each of an aggregate nominal amount not exceeding Rs 306.25 lakhs in favour of IFCI Ltd, for One Time settlement of the Non-Convertible Debentures (NCD) of Rs 300 lakhs, funded interest of Rs 185.04 lakhs pertaining to such NCD along with interest overdues and other commitments made by the Company on such NCDs, subject to necessary provisions and approvals, on the following terms:

a. Preference Shares of Rs 306.25 lakhs shall be repayable after 10th, 11th year at Rs 100 lakhs each and balance Rs 106.25 lakhs after 12th year from the date of letter of approval of IFCI.

b. Terms of issue of Zero coupon Preference Shares would be subject to review by IFCI after 3/5 years.

Source : Equity Bulls

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