W S Inds extends redemption period of all its preference share issue

Company into manufacturing of high voltage electro-porcelain transmission and sub-station insulators for the power distribution sector

W S Industries (India) Ltd today said that the Company has extended the redemption period of total Preference Share Capital of 12,75,000 Redeemable Cumulative Non-Convertible Preference shares of Rs 100 each for further period of one year from the due date, it informed the exchanges.

Its board of directors has today approved extension of redemption period of 9,25,000 Redeemable Cumulative Non-Convertible Preference Shares of Rs 100 each fully paid 7,60,000 preference shares to Credit Renaissance Fund Ltd which was due on October 3, 2013, by a period of one year.

Redemption of 1,65,000 preference shares to Credit Renaissance Development Fund LP, which was also due on the same date, by a period of one year with effect from October 2013, on the existing terms and conditions.

It had earlier extended the redemption period of 3,50,000 Redeemable Cumulative Non-Convertible Preference shares of Rs 100 each fully paid held by Vensunar Pvt Ltd which were due for redemption on February 8, 2013, by a period of five years with effect from March 1, 2013 on the existing terms and conditions, it added.

The company is into manufacturing of high voltage electro-porcelain transmission and sub-station insulators for the power distribution sector. It has posted a net loss of Rs 13.28 crore for the quarter ended June, 2013, as against a net loss of Rs 18.53 crore for the same period of previous fiscal year.

The total income from operations has seen a drop of 36.8% to Rs 28.44 crore for the quarter ended June, 2013, while it was around Rs 45 crore in the corresponding quarter of last year.