IndoSolar board okays 20.7 cr shares allotment to Union Bank

IndoSolar today said its board has approved allotment of 20.70 crore preference shares to Union Bank of India (UBI) against part of settlement amount pursuant to the "One Time Settlement Scheme".
The decisions of board meeting held today include allotment of 20,70,00,000... Optionally Convertible Cumulative Preference Shares of Rs 10 each to Union Bank of India against part of settlement amount pursuant to the One Time Settlement Scheme," the company said in BSE filing.
The board has alloted 52,05,499 equity shares of Rs 10 each issued at par of the company to Greenlite Lighting Corporation, a promoter group.
With the said allotment, 52.05 lakh shares, the paid up share capital of the company as on December 30, 2017 stands increased from Rs 366.86 crore to Rs 372.06 crore divided into

37.20 crore equity shares of Rs 10 each.