Pokarna provides update on subdiary - Pokarna Engineered Stone

PESL appoints MD and issues NCDs to consortium of lenders

Pokarna announced that :

1. Appointment of the Managing Director by the wholly owned subsidiary, Pokarna Engineered Stone (PESL):

Gautam Chand Jain, Chairman & Managing Director of Pokarna, has been appointed as the Managing Director of the wholly owned subsidiary, PESL, for a period of five years with effect from 07 November 2016 to 06 November 2021. He will continue to be Chairman & Managing Director of Pokarna.

2. Approval to issue of Non-convertible debentures by wholly owned subsidiary to its consortium lenders :

Pursuant to the terms of approval of CDR cell, for exit of wholly owned subsidiary, Pokarna Engineered Stone (PESL), details of which were communicated vide intimation dated 28 October 2016, to the Stock Exchanges, Board of Directors and Shareholders of PESL has approved the issue of 1,60,00,000 Non-Convertible Debentures (NCDs') by PESL to its consortium lenders (i.e. Indian Overseas Bank, Union Bank of India & Bank of India).

 

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