At meeting held on 30 March 2021
The Board of Bharat Wire Ropes at its meeting held on 30 March 2021 has approved the allotment of 62,57,319 equity shares of face value of Rs 10 each at an issue price of Rs 8.69 (book value as on 31 March 2020) aggregating to Rs 5.43 crore to lenders as per final resolution plan duly approved by the said lenders in accordance with the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions 2019.The Board also approved allotment of 38,266 Non Cumulative Non Voting 0.01% Compulsory Convertible Preference Shares of face value of Rs 10 each fully paid up at an issue price of Rs 1 lakh including premium of Rs 99,990 each to lenders as per final resolution plan duly approved by the said lenders in accordance with the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions 2019.
The Board also approved allotment of 1,13,63,636 equity shares of face value of Rs 10 each at an issue price of Rs 22 including premium of Rs 12 per share aggregating to Rs 24.99 crore as per final resolution plan in accordance with the RBI Directions 2019 and duly approved by lenders, on preferential basis for cash to promoters and other investors.
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