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| Exchange Disseminated Time | Coromandel Engineering Company Ltd has informed BSE that further to the Board's 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 Shareholders for the following modification of the terms of the Preference Share issue, as per the term sheet issued :
a) The yield on the Preference Shares to be replaced with dividend of 7% per annum, payable Cumulatively, if not paid for a period, to take effect from November 13, 2014. Dividend of 11.25% per annum, applicable from date of issue till November 12, 2014, has already been waived earlier by the Preference Shareholder.
b) Any tax incidence on account of the investment (other than dividend distribution tax) will be borne by the preference shareholder.
All the other terms relating to the subscription of the outstanding Cumulative Redeemable Preference Shares will be governed by the term sheet agreed with the Preference Shareholders. |
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