Nicco Corporation issues shares to OCCPS holders as per CDR scheme

Nicco Corporation Ltd has announced that pursuant to approval of the Shareholders, as part of the Corporate Debt Restructuring of the Company and the CDR package as approved by the CDR Cell set up by the Reserve Bank of India, the Committee of Directors (CoD) of the Company has allotted 4,54,54,545 Equity Shares of Rs 2/- each on March 21, 2007, to six OCCPS holders by way of conversion of 90,90,909 6% Optionally Convertible Cumulative Preference Shares (OCCPS) into Equity Shares of the Company, 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 Kolkata.

Source : Equity Bulls

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