The preferential issue capital committee of Tuticorin Alkali Chemicals has approved fund infusion by the promoters. Accordingly, the company will convert all the unsecured loans, advances and preference shares to the promoter and their group companies aggregating to ₹107.04 crore into equity shares. The committee has approved increasing the authorised share capital of the company to ₹122 crore from ₹39 crore and convening of an extra-ordinary general meeting on April 10. The decision is, however, subject to approval from SEBI and others. Shares of Tuticorin Alkali Chemicals jumped 4.95 per cent at ₹12.30 on the BSE.
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