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| Exchange Disseminated Time | Coromandel Engineering Company Ltd has informed BSE that further to the Board approval obtained on October 31, 2014 for the modification in the terms of 700000 Cumulative Redeemable Preference Shares outstanding as on date, the Company has obtained the consent and approval of Preference Shareholder to the following modification of the terms of the Preference Share issue as per the Share Subscription and Shareholders agreement dated August 21, 2013:
1. Preference Shareholder had agreed to waive their rights as per the terms of the Transaction documents to receive accrued Dividend from the date of allotment of the Preference Shares till November 12, 2014, cumulatively in the following year.
2. Waiver fee of Rs. 40 Lakhs + applicable taxes to be paid by the Company to the Preference Shareholder for forbearance in enforcing mandatory early redemption on the occurrence of mandatory early redemption event.
All other terms and conditions of the Share Subscription and Shareholders agreement remain the same. |
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