The proposal to issue equity shares to promoter and promoter group entities not exceeding Rs 8.75 crore has been approved by the board of directors of multi system operator (MSO) Ortel Communications.
As per company sources, 25 lakh equity shares will be issued at the price of Rs 35 per share to the promoters on preferential basis for an aggregate amount of Rs 8.75 crore. Also, the board has also approved the issue of 9% cumulative, non-convertible, redeemable preference shares for an amount not exceeding Rs 10 crore by way of private placement for a period of five years.
The Board has also approved the acceptance of fresh inter-corporate loan of Rs 8 crore at 9% per annum for a period of five years.The board will meet at the general meeting of the company on 9 April to approve the issue of equity shares and redeemable preference shares.
Source: http://cablequest.org/index.php/news/cable-news/item/12368-ortel-board-approves-issue-of-25-lakh-shares-to-promoters
The Board has also approved the acceptance of fresh inter-corporate loan of Rs 8 crore at 9% per annum for a period of five years.The board will meet at the general meeting of the company on 9 April to approve the issue of equity shares and redeemable preference shares.
Source: http://cablequest.org/index.php/news/cable-news/item/12368-ortel-board-approves-issue-of-25-lakh-shares-to-promoters
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