The board of directors of Hikal, which met today, approved a proposal to issue 47 lakh convertible, cumulative, redeemable preference shares of Rs 100 each at par aggregating Rs 47 crore on private placement basis.According to a release issued by the company to the BSE today, the proposal is subject to the approval of shareholders at the EGM proposed to be convened in November 2005.The board meeting also approved a proposal to increase the share capital of the company from Rs 35 crore to Rs 75 crore, and further classify the same into 2.50 crore equity shares of Rs 10 each and 50 lakh preference shares of Rs 100 each by creation of 40 lakh preference shares of Rs 100 each, the release added.
