CONSIDERED AND APPROVED THE CONSENT OF THE RELEVANT CLASS OF SHAREHOLDERS IN RESPECT OF THE VARIATION OF RIGHTS ATTACHED TO 0% REDEEMABLE PREFERENCE SHARES PURSUANT TO SECTION 48 OF THE ....
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Awaiting price reaction for this filing.
The Board of Directors of Nilachal Refractories Ltd recorded that the company has received 100% written consent from holders of its 0% Redeemable Preference Shares for varying the rights attached to those shares. The variation involves waiving the entire redemption premium (accrued and to be accrued) on 28,22,191 preference shares of Rs. 100 each, so that these shares will now be redeemable at face value only instead of at a premium. The change is being made under Section 48 of the Companies Act, 2013. This reduces the company's future cash outflow at the time of redeeming these preference shares.
Positive for equity shareholders as it lowers the company's redemption liability and preserves cash. Negative for preference shareholders who are giving up their redemption premium entitlement.