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| Exchange Disseminated Time | HMT Ltd has informed BSE that the revival and restructuring Plans of the Company (HMT Ltd) has been approved by the Government based on the recommendations of the Board for Restructuring of Public Sector Enterprises (BRPSE). The Revival Plan which envisages financial support of 8% redeemable Preference Share Capital of the face value of Rs. 425 Cr. and conversion of Government of India Loans into Equity to the extent of Rs. 443.74 Cr., against which the Company will have to enhance its present Authorised Share Capital from Rs. 1450 Crore to Rs. 2100 Crore by creation of new Preference/Equity Share Capital.
Further the Company has informed that, the Meeting at the Board of Directors of the Company will be held on May 29, 2013 to consider and approve the Increase in Authorised Share Capital of the Company from Rs. 1450 Crore to Rs. 2100 Crore subject to approval of the Government and Shareholders. The Board will also consider, inter alia, allotment of fully paid redeemable 3.5% Preference Share Capital of the face value of Rs. 443 Cr. in. favour of President of India at the meeting. |
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