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Exchange Disseminated Time | Panacea Biotec Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 09, 2014, inter alia, decided, subject to the approval of shareholders, for issue of 0.5% Non-convertible Cumulative Redeemable Preference Shares of Rs. 10/- each at par to the promoters and their relatives by way of conversion of existing unsecured loans / public deposits from them and/or fresh contribution in cash, aggregating to Rs. 34.30 Crore towards promoter's contribution as per the terms of CDR-LOA dated September 09, 2014, subject to CDR Lenders agreeing to consider such Preference Shares as the promoters' contribution.
The Board has also decided that an Extra-ordinary General Meeting of the Company will be held on January 06, 2015 at 11.30 A.M. at the Registered Office of the Company at Ambala-Chandigarh Highway, Lalru - 140501, Punjab. |
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