Its board of directors has today approved extension of redemption period of 9,25,000 Redeemable Cumulative Non-Convertible Preference Shares of Rs 100 each fully paid 7,60,000 preference shares to Credit Renaissance Fund Ltd which was due on October 3, 2013, by a period of one year.
Redemption of 1,65,000 preference shares to Credit Renaissance Development Fund LP, which was also due on the same date, by a period of one year with effect from October 2013, on the existing terms and conditions.
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It had earlier extended the redemption period of 3,50,000 Redeemable Cumulative Non-Convertible Preference shares of Rs 100 each fully paid held by Vensunar Pvt Ltd which were due for redemption on February 8, 2013, by a period of five years with effect from March 1, 2013 on the existing terms and conditions, it added.
The company is into manufacturing of high voltage electro-porcelain transmission and sub-station insulators for the power distribution sector. It has posted a net loss of Rs 13.28 crore for the quarter ended June, 2013, as against a net loss of Rs 18.53 crore for the same period of previous fiscal year.
The total income from operations has seen a drop of 36.8% to Rs 28.44 crore for the quarter ended June, 2013, while it was around Rs 45 crore in the corresponding quarter of last year.