The Hindu Business Line : Nagarjuna Fert to consider issue of preference shares

NAGARJUNA Fertilisers & Chemicals Ltd has informed the bourses that a meeting of its board of directors would be held on July 24, to consider the issue of 37.20 lakh, 0.01% Coupon Optionally Cumulative Convertible Redeemable Preference Shares of Rs 100 each aggregating Rs 37.20 crore to financial institutions.

The preferential issue is as per the options exercised for preference shares convertible into equity shares by the various financial institutions after the total loan is repaid in 2014. This is in accordance with the terms and conditions of the letter received from CDR Cell at Industrial Development Bank of India, in connection with the restructuring of the debit profile of the Company.

The issue of preference shares convertible into equity shares shall be in accordance with the SEBI guidelines on preferential issue.

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