Cable Corporation of India Ltd (CCIL) has informed BSE that, pursuant to the letter dated March 24, 2009 of the Stock Exchange and Bombay High Court order dated June 19, 2009 approving the scheme of amalgamation of Prithvi Consultancy Services Private limited (Prithvi) with Cable Corporation India Limited and pursuant to the resolution passed by the Shareholders Grievances and Transfer Committee held August 10, 2009, 1,45,90,000 Optionally Convertible Redeemable Preference shares (OCRPS) were allotted to the shareholders of Prithvi.

As terms & conditions of the scheme of amalgamation as approved by the esteemed Stack Exchange and the High Court and by the exercise of Put Option / Call option NE OCRPS can be converted into ONE equity share of Rs. 10 each fully paid up at any time within 18 .months from the date of allotment of OCRPS provided that the total promoter holding in CCIL doc: hot exceed 75%. The OCRPS holders have decided to exercise the Put Option and have intimated the company.

Thus at the meeting of the Shareholders Grievances and Transfer Committee held on January 24, 2011, the Company allotted 1,45,90,000 equity shares by way of convening the aforementioned OCRPS. It is pertinent to note that total promoter shareholding in the Company has not increased beyond 75%.

The said shares shall rank pari passu in all respects including Dividend with the existing equity shares.

Source : BSE -

(This article was published on January 24, 2011)
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