Shree Ganesh Forg Outcome Of Board Meeting (20-Jun-2010)
Shree Ganesh Forgings Ltd has informed that the Board of Directors of the Company at its meeting held on June 18, 2010, inter alia, has taken the following decisions:
1. To increase the share capital of the Company by Rs. 14 crores by creation of
140,00,000 Preference Shares of Rs. 10 each and seek members approval therefor.
2. To issue (optionally) convertible cumulative redeemable preference shares upto the amount of Rs. 15.65 crores to the consortium lenders of the Company at par on a preferential basis and issue equity shares to the promoters of the Company upto a sum of Rs. 6 crores, in terms of the reworked Corporate Debt Restructuring Package, at a price to be arrived at as per the SEBI (ICDR) Regulations applicable for such issue and to seek members approval for the same.
3. To make a reference to the Board for Industrial and Financial Reconstruction in view of the erosion of the net worth of the Company.
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