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| Exchange Disseminated Time | IL&FS Engineering and Construction Company Ltd has informed BSE that the Company had proposed a Rights Issue for an amount of Rs. 300 crores. Subsequently, the Company had filed Draft Letter of Offer to SEBI in March 2014 and has been awaiting observations from SEBI with regard to the foregoing Offer. One of the Objectives of the Rights Issue was to ensure redemption of Preference Shares falling due in September 2014 and March 2015.
In view of the foregoing, the amount of Preference Shares aggregating to Rs. 53 crores which was due for redemption on September 30, 2014 could not be redeemed.
The Company is exploring all avenues to meet its obligations including but not limited to extension of the redemption period of the said Preference Shares. |
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