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| Exchange Disseminated Time | Ashima Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 07, 2015, has transacted the following:
1. Board of Directors took on record the status of Scheme of Arrangement for Reconstruction and Compromise as approved by Board of Directors in their meeting held on December 15, 2014 to be implemented subject to regulatory approvals. The Board decided to modify the said Scheme of Arrangement to be implemented between the Company and its Equity Shareholders, Secured Creditors and Preference Shareholders. The proposed modifications includes, among other matters, delinking the issue of new equity shares to existing equity shareholders of the company for part-financing debt settlement, which was originally part of the Scheme. The issue of new equity shares will now be by way of Rights Issue as per following para. The Board approved the modifications broadly and authorized the Restructuring Committee to modify the draft Scheme accordingly, which shall be submitted to the stock exchanges for obtaining requisite approvals in terms of applicable rules & regulations.
2. The Board of Directors has considered the proposal regarding issue of equity shares on rights basis to the existing equity shareholders of the Company. The Board of Directors have approved rights issue of 8,00,85,089 equity shares of Rs. 10 each for cash at par in the ratio of 24 (Twenty Four) equity shares for every 10 (Ten) equity shares held, aggregating to Rs. 80,08,50,890. The Record Date for the proposed rights issue will be decided in consultation with the designated stock exchange on obtaining requisite approvals/permissions. |
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