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| Exchange Disseminated Time | Gandhimathi Appliances Ltd has informed BSE at its AGM held on September 30, 2002 the shareholders have approved the allotment of 14,50,000 equity shares of Rs 10/- each at par aggregating Rs 1,45,00,000/- to the Promoters / Directors of the company, their relatives and associated companies.
The unsecured loan aggregating Rs 1,45,00,000/- lying to the credit of Butterfly Constructions Ltd (BCL) , a closely held limited company managed by the company's Promoter - Directors has been agreed by BCL to be converted into 14,50,000 equity shares of Rs 10/- each at par.
A meeting of the Board of Directors of Gandhimathi Appliances Ltd is scheduled to be held on December 21, 2002 to consider allotment of the aforesaid shares to Butterfly Constructions Ltd.
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