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Escorts Finance Ltd.

BSE: 511716 Sector: Financials
NSE: ESCORTSFIN ISIN Code: INE359A01012
BSE 00:00 | 17 Oct 2.30 -0.12
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NSE 05:30 | 01 Jan Escorts Finance Ltd

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulat

March 27, 2019, 8:14 pm | Source: BSE

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 we wish to inform you that the Board in its meeting held today i.e. March 27 2019 interalia considered various options available to Company for redemption of 9500000 10% Redeemable Cumulative Preference Shares (RCPS) of Rs. 10/- each issued to Escorts Limited and due for redemption on March 30 2019. In view of the inability of the Company to redeem the said Preference Shares the Board has decided to make an application to the Honble National Company Law Tribunal (NCLT) Chandigarh Bench seeking its approval for issue of further redeemable preference shares equal to the amount due in lieu of/ for the purpose of redeeming the existing RCPS. The Company has already received consent of the existing preference shareholder(s) the further issue of preference shares by the Company in this regard.

Upon receipt of the requisite NCLT approval and subject to approval of the Shareholders of the Company the process of issue of further redeemable preference shares equal to the amount due will be completed.

Kindly take the same on record.