Aug 20, 2013, 04.17 PM IST Eastern Sugar & Industries at its meeting held on August 14, 2013, had decided, to issue and allot 1,00,00,000 Equity Shares of Rs. 10/- each, on preferential basis, to the holders of Preference Shares of the Company. Like this story, share it with millions of investors on M3 Eastern Sugar: Outcome of board meeting Eastern Sugar & Industries at its meeting held on August 14, 2013, had decided, to issue and allot 1,00,00,000 Equity Shares of Rs. 10/- each, on preferential basis, to the holders of Preference Shares of the Company. Like this story, share it with millions of investors on M3 Eastern Sugar: Outcome of board meeting Eastern Sugar & Industries at its meeting held on August 14, 2013, had decided, to issue and allot 1,00,00,000 Equity Shares of Rs. 10/- each, on preferential basis, to the holders of Preference Shares of the Company. . Share . Email . Print . A+A- Eastern Sugar & Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 14, 2013, had : 1. Decided, pursuant to provisions of the Companies Act, 1956 read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as 'said Regulations') including amendments therein, and also subject to approval of Equity Shareholders of the Company and such other approvals as may be necessary, to issue and allot 1,00,00,000 Equity Shares of Rs. 10/- each, on preferential basis, to the holders of Preference Shares of the Company, at such price as may be determined in accordance with the provisions of the said Regulations, the consideration for which shall be payable by way of conversion of each Preference Share of Rs. 100/- each into 10 Equity Share of Rs. 10/- each to the extent of aggregate amount of Rs. 10.00 (Ten) crores, and balance by way of payment in cash.The preference shareholders of the Company had already given consent, in terms of section 106 of the Companies Act, 1956, to the above mentioned proposed conversion of preference shares into equity shares, pursuant to provisions of the Companies Act, 1956, read with the said Regulations, including amendments therein, and also subject to approval of Equity Shareholders of the Company (hereinafter referred to as 'Member of the Company') and such other approvals as may be necessary, in the manner and at such price as may be decided by the Members of the Company.2. Further resolved that issue and allot 1,30,00,000 (One Crore Thirty Lakh) New Equity Shares of Rs. 10 each, on preferential basis, at such price as may be determined in accordance with the provisions of the SEBI Regulations to the persons, including persons other than existing shareholders of the Company.Source : BSE Read all announcements in Eastern Sugar
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