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Arcotech Ltd. - Outcome of Board Meeting

| Updated on March 30, 2019 Published on March 30, 2019

Further to our letter dated 29.03.2019, this is to inform you that the Board of Directors of the Company at its meeting held today have considered &approved:

1. Re-classified and Increased the Authorized Capital from Rs. 35,00,00,000/- (Rupees Thirty Five Crores) divided into 17,50,00,000 (Seventeen Crores Fifty Lakhs) equity shares of face value of Rs. 2/- (Rupees Two Only) each to Rs. 56,00,00,000/-(Rupees Fifty Six Crores) divided into 10,50,00,000 (Ten Crores Fifty Lakhs) equity shares of face value of Rs. 2/- (Rupees Two Only) each and 35,00,000 (Thirty Five Lakhs) Non- Convertible, Non-Cumulative Redeemable Preference Shares of face value of Rs. 100/- (Rupees Hundred Only) each and other alteration required in this regard, if any, with immediate effect.
2. The allotment of 3500000 Non- Convertible Non- Cumulative Redeemable Preference Shares (NCNCRPS) of face value of Rs. 100/- each carrying 1% Dividend on a private placement basis to M/s. Sidhant Distributors Pvt. Ltd., the Promoter/existing shareholder of the Company, for a term not exceeding Ten years, for an amount not exceeding Rs. 35 crores (Rupees Thirty Five Crores Only), in lieu of conversion of outstanding loan from them in accordance with all applicable laws, rules, regulations, consents, approvals as applicable thereto.

Pdf Link: Arcotech Ltd. - Outcome of Board Meeting

Source : BSE - www.bseindia.com

Published on March 30, 2019
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