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| Exchange Disseminated Time | Kaushalya Infrastructure Development Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 27, 2016, inter alia, has considered and approve the following businesses:
- Board of Directors and shareholders of Kaushalya Township Private Limited, Kaushalya Nirman Private Limited, Orion Abasaan Private Limited and Bengal KDC Housing Development Limited, respectively, have approved the conversion of advances aggregating up to Rs. 47,44,08,700/- into loan carrying an option to convert the same into Equity / Preference shares of these companies to be issued in accordance with the provisions of the Companies Act, 2013. As on date, the said amount is standing in the books of the Company as loan carrying an option to convert the same into Equity / Preference shares of these companies.
Accordingly, the Board of Directors of the Company have approved conversion of loan given to Kaushalya Township Private Limited, Kaushalya Nirman Private Limited and Orion Abasaan Private Limited aggregating up to Rs.35,96,75,870/- into Compulsorily Convertible Non-cumulative Preference Shares (CCPS) and the loan given to Bengal KDC Housing Development Limited aggregating up to Rs. 10,97,32,830/- into Non-cumulative Redeemable Preference Shares (NCRPS) of Bengal KDC Housing Development Limited. The CCPS / NCRPS, as the case may be, will be issued by the said companies at a price as may be decided and in accordance with the provisions of the Companies Act, 2013. |
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