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Our Bureau

Mumbai , Jan. 6

FILATEX Ltd has informed the Bombay Stock Exchange that its board, in its meeting held on January 6, has approved the issue of 15 lakh 7.5 per cent cumulative convertible preference shares of Rs 25 each to the company's promoters, including their associate companies.

The said cumulative convertible preference shares will be convertible into equity shares as follows: Five lakh equity shares of Rs 10 each at a premium of Rs 15 per share on March 31, 2004; five lakh equity shares of Rs 10 each at a premium of Rs 15 per share on March 31, 2005; five lakh equity shares of Rs 10 each at a premium of Rs 15 per share on June 30, 2005.

The issue will be subject to the approval of the shareholders at the extra-ordinary general meeting to be held on February 5.

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