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| Exchange Received Time 04/12/2018 17:37:32 Exchange Disseminated Time 04/12/2018 17:37:35 Time Taken 00:00:03 | Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') and other applicable provisions, we hereby inform you that the Securities and Exchange Board of India has approved the relaxation sought by the Company from the strict enforcement of Regulation 75 of SEBI (ICDR) Regulations, 2019, in respect of the conversion of 0.01% Optionally Convertible Preference Shares (OCPS) allotted by the Company to the lenders on 9th March 2018, as part of the Resolution Plan.
By virtue of this relaxation, the OCPS will now be convertible into equity shares on completion of 144 months from the date of allotment, as against 18 months as stipulated in Regulation 75 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. |
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