At meeting held on 28 January 2018
The Board of Nitco at its meeting held on 28 January 2018 has approved the following -1. Sanction received from JM Financial Asset Reconstruction Company dated 23 January 2018 for restructuring of company's debt subject to approval of members at EGM.
2. Increase in authorised share capital of the company from Rs 60 crore to Rs 230 crore comprising of equity share capital of Rs 80 crore and preference share capital of Rs 150 crore.
3. Issue of 70,61,524 equity shares of Rs 10 each at a premium of Rs 103.29 on preferential basis to JM Financial Asset Reconstruction Company aggregating to Rs 80 crore.
4. Issue of 61,78,833 warrants aggregating to Rs 70 crore on preferential basis to JM Financial Asset Reconstruction Company. Each warrant will be converted into one equity share of Rs 10 each at premium of Rs 103.29.
5. Convert part of the company's debt into 1,01,51,908 fully paid equity shares of face value of Rs 10 each at par to be issued to JM Financial Asset Reconstruction Company.
6. Convert part of the company's debt into 15 crore Non Convertible Redeemable Preference Shares of face value of Rs 10 each at par aggregating to Rs 150 crore to be issue to JM Financial Asset Reconstruction Company.
7. Convert part of the company's debt into 500 Non Convertible Debentures of Rs 10 lakh each aggregating to Rs 50 crore to be issued to JM Financial Asset Reconstruction Company.
8. To approve EGM notice for seeking member's approval for above mentioned business transactions.
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