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| Exchange Disseminated Time | CIL Nova Petrochemicals Ltd has informed BSE that the Board of Directors of the Company will consider the redemption of non cumulative redeemable preference shares of Rs.5 crores issued on private placement basis to single entity in their meeting scheduled to be held on August 14, 2015. Pursuant to the terms of issue the preference shares are redeemable after expiry of 5 years at the option of the company from the date of issue and maximum duration of preference shares shall be 10 years from the date of issue and period of 5 years has completed.
The preference shareholder has also requested the Company for redemption of said preference shares therefore considering the terms of issue and request received from preference shareholders, the board will consider the redemption of said preference shares in their forthcoming meeting and if board decides for redemption then it will pay redemption money on August 17, 2015. |
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