Pipan Oils clarifies proposed convertible preference share issue

After the AGM, Pipan Oils clarified that Avni Jindal and Nilesh Jindal had shown interest in subscribing, while other insiders had not. The proposed issue is 2,629,416 convertible preference shares at Rs91 each, with Rs2 face value and an Rs89 premium. The filing names beneficial owners for five allottees. All recipients except promoter-group member Avni Jindal are non-promoters. The shares equal 13.04% after conversion; no control change is stated.