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Board approves Rights Issue

| Updated on May 23, 2016 Published on May 23, 2016

CIL Nova Petrochemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 23, 2016, commenced at 2:30 p.m. considered and approved the following;

1. Appointed Mr. Chintan Nareshkumar Amlani as Company Secretary and Compliance Officer of the Company and designated him as KMP with immediate effect (May 23, 2016).

2. Board of Directors has considered and approved raising of funds upto Rs. 20 crores by way of offer and issue of equity shares to the existing shareholders of the Company on a rights basis (Rights Issue), subject to necessary approvals, confirmation and consents as may be necessary required for compliance of applicable law including the provisions of the SEBI (ICDR) Regulations, 2009, SEBI (LODR) Regulations, 2015 and the Companies Act, 2013.

Further, the Board also authorised the Committee of Directors for the said purpose who shall determine the terms of the Rights Issue including the rights entitlement ratio, issue price, issue size, record date, entitlement, timing of the issue etc in consultation with the Lead Manager to the Right Issue and to decide all other matters relating to the Right Issue. Such details shall be informed and/or announced in due course as and when decided or required, as per applicable statutory provisions.

Further, note that meeting was concluded at around 5:00 p.m.

Source : BSE - >www.bseindia.com

Published on May 23, 2016
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