Outcome of board meeting of Lakshmi Automatic Loom Works

Held on 07 August 2018

Lakshmi Automatic Loom Works announced that the Board of Directors held on 7 August 2018 the Board of Directors have accorded the consent to the following resolutions, subject to the approval of shareholders in the General Meeting :-

1.The existing Clause (V) of the Memorandum of Association and Article 3 of the Articles of Association be altered by deletion of the existing Clause V & Article 3 respectively and by substitution thereof.

2.The paid-up Preference Share Capital of Rs.4,00,00,000 consisting of 400000 - 6% Cumulative Redeemable Preference Shares of Rs.100/- each be altered as (1)200000-6% Non Cumulative Compulsorily Convertible Preference Shares of Rs.100/- each and same be converted into Equity Shares issued at a premium and (2)200000-6% Non Cumulative Optionally Convertible Preference Shares of Rs.100/- each and the same be converted into Equity Shares of the Company at a Premium on the option exercised by the Optionally Convertible Preference Shareholders on or after 01 April 2019

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