CDR okays Nicco's Rs 395 crore revamp package

 Kaul said one of the unique features of the package was that the proposal entailed a Rs 5 crore injection of equity by the chairman, working directors and employees.

 The injection by employees was not voluntary but made compulsory. The employees will buy the shares at par although the scrip is quoting below par.

 Kaul said agreements with the unions had already been signed and this will bring greater involvement among the employees. Post restructuring, the employees will hold 13-14 per cent of the company