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| Exchange Disseminated Time | Mangalam Cement Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 03, 2012 had, approved the proposal received from Managalam Timber Products Ltd ('MTPL') for Conversion of the total outstanding Loans and Advances including interest due thereon upta June 30, 2012 of Rs. 33,53,93,000 provided to MTPL alongwith interest accrued up to the date of conversion (net of tax), into 7.5% Non-Cumulative Redeemable Preference Shares of face value of Rs. 100/- (Rupees One Hundred Only) of MTPL for a term not exceeding 9 years from the date of allotment of the said preference shares. However such consent was subject to the approval of the Board of Directors and shareholders of MTPL for issue of Preference Shares to the Company.
Now, MTPL, has informed the Company that its board of directors in its meeting held on September 11, 2012 had approved the issue of aforesaid preference shares to the Company in lieu of conversion of the outstanding loans and advances including interest upto the date of conversion and shall be holding their Extra Ordinary General Meeting on October 06, 2012 for the approval of their shareholders for issue of preference shares to the Company. |
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