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Board of Ganges Securities approves increase in authorised capital

Capital Market 

At meeting held on 20 June 2019

The Board of Ganges Securities at its meeting held on 20 June 2019 has approved the following -

Approved alteration in terms of issue including the date of redemption of the unlisted 1,50,000 12% Non-Convertible Cumulative Redeemable Preference Shares ('NCCRPS')which is due for redemption on 24 September 2019 , in accordance with Section 55(3) and other applicable provisions of the Companies Act, 2013 ('the Act'), if any;

Approved issuance of further 2,40,000 8.5% Non-Convertible Cumulative Redeemable Preference Shares (NCCRPS) of Rs. 100/- (Rupees Hundred) each to the existing holders of such preference shares, equal to the amount due including dividend thereon, subject to approval of the National Company Law Tribunal, Allahabad Bench and other necessary approvals in accordance with the provisions of Section 55(3) and other applicable provisions of the Act, if any;

Approved increase in the authorised share capital from Rs. 15,00,00,000/- (Rupees Fifteen Crores) divided into 13,50,00,00 Equity Shares of Rs. 10/- (Rupees Ten) each amounting to Rs. 13,50,00,000/- (Rupees Thirteen Crores Fifty Lakhs) and 1,50,000 Preference Shares of Rs. 100/- (Rupees One Hundred) each amounting to Rs. 1,50,00,000/- (Rupees One Crore Fifty Lakhs) to Rs. 18,00,00,000/- (Rupees Eighteen Crores) divided into 13,50,00,00 Equity Shares of Rs. 10/- (Rupees Ten) each amounting to Rs. 13,50,00,000/- (Rupees Thirteen Crores Fifty Lakhs) and 4,50,000 Preference Shares of Rs. 100/- (Rupees One Hundred) each amounting to Rs. 4,50,00,000/- (Rupees Four Crores Fifty Lakhs) by creation of additional 3,00,000 Preference Shares of Rs. 100/-(Rupees One Hundred) each and consequent alteration to the capital clause of the Memorandum of Association of the Company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 20 2019. 18:44 IST
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