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| Exchange Disseminated Time | Commercial Engineers & Body Builders Co Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 28, 2014, has transacted the following:
Board of Directors, in order to strengthen the long term financial resources and also to enhance the net worth of the Company, approved the infusion of additional funds on a private placement basis, for an amount not exceeding Rs. 20.00 Crores (Rupees Twenty Crores Only) into the Company by way of issuance of unlisted, non-convertible, cumulative redeemable preference shares ("NCRPS") to be offered to and subscribed jointly by Mr. Kailash Gupta and Mrs. Rekha Gupta, Promoters of the Company, together called the "Subscribers" subject to the approval of Shareholders. The basic terms will be-
1. The NCRPS shall be cumulative, non-participating, non-convertible and redeemable.
2. The dividend payable on the NCRPS will be 0.00001%, per annum.
3. Tenure of NCRPS will be 10 years.
In view of the above, a proposal for suitably amending the Memorandum & Articles of Association of the Company will be placed before the Shareholders for their approval at the ensuing Annual General Meeting. |
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