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Held on 14 July 2017Paramount Communications announced that the Board of Directors of the Company at its meeting held on 14 July 2017 transacted the following -
Early redemption of 765,000 outstanding 0.00% Non-Convertible Redeemable Preference Shares of face value Rs. 100 per share ('NCRPS') at a price of Rs. 121.25 per NCRPS (including premium) out of fresh issue of equity shares of the Company;
To issue and allot, subject to the approval of the shareholders of the Company, a maximum of upto 20,000,000 equity shares of the Company of face value Rs. 2 each ('Equity Shares') to the existing NCRPS holders.
The issue price for the proposed allotment of Equity Shares will be determined in accordance with the Securities and Exchange Board of India (ICDR) Regulations, 2009. Notice of 23rd Annual General Meeting of the Company to be held on 17 August 2017.
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