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| Exchange Disseminated Time | HMT Ltd has informed BSE that with reference to the Revival & Financial Restructuring the Government has approved the proposal for Revival of the Company which envisages financial support to the Company against which the Company had enhanced the Authorised Share Capital from Rs. 1450 Crore to Rs. 2100 Crore by creation of New Preference/Equity Share Capital with Cash infusion in the form of issue of 8% redeemable Preference Share Capital of the face value of Rs. 425 Cr. and with regard to Equity Share Capital, Government of India vide their letter dated February 05, 2014 has conveyed the sanction of President for Conversion of Loan amount of Rs. 443.74 Cr. into equity in the Company under the Revival plan of the Company.
Accordingly, the Board of Directors at their Meeting held on May 07, 2014 had approved issue and allotment of 44,37,41,500 Equity shares of Rs. 10/- each in favour of President of India. |
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