The Hindu Business Line : Pennar board clears debenture issue

The board of directors of Pennar Industries Ltd has approved the issue of convertible debentures and to convene an extraordinary general meeting on March 27 seeking approval of shareholders. It also approved a resolution to enhance authorised capital from Rs 80 crore to Rs 100 crore and consequently amend the memorandum of association. The board proposes to issue on preferential basis 50,32,700 convertible debentures of Rs 100 each, which would be converted within 18 months from the date of issue into 34.12 million equity shares of Rs 5 each at a premium of Rs 9.75 per share. It has also cleared a resolution to issue on preferential basis 72,07,300 rupee denominated optionally convertible debentures of Rs 100 each convertible within 18 months into 1,44,14,600 equity shares of Rs 5 each at a premium of Rs 45 per share. —

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