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Outcome of board meeting of Best Eastern Hotels

Capital Market 

At meeting held on 20 May 2019

The Board of Best Eastern Hotels at its meeting held on 20 May 2019 has approved the following -

1. The Board decided to defer the increase in Authorised Share Capital and approved reclassificationof Share Capital of the Company from Rs. 6,00,00,000/- (Rupees six crores only) divided into 4,80,00,000 (Four crores and eighty lakhs only) equity shares of Rs. 1/- (Rupee one only) each and 12,00,000 (Twelve Lakhs) Redeemable Preference Shares of Rs. 10/- (Rupees ten only) each to Rs. 6,00,00,000/- (Rupees six crores only) divided into 3,60,00,000 (Threecrores and Sixty lakhs only) equity shares of Rs. 1/- (Rupee one only) each and 24,00,000 (Twenty four lakhs) Redeemable Preference Shares of Rs. 10/- (Rupees ten only) each.

2. Approved alteration of Clause 5 of Memorandum of Association to reflect the reclassification of the authorized share capital.

3. Approved alteration of Clause 3 of Articles of Association to reflect the reclassification of the authorized share capital.

4. Approved to issue of 12,00,000 10% Cumulative Non-Convertible Redeemable Preference Shares of Rs. 10/- each (hereinafter referred as 'preference shares'), at par, to the existing preference shareholders in the ratio of 1:1 (One preference share for every one preference share held) on right basis.

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

First Published: Mon, May 20 2019. 13:28 IST
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