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Board of Futura Polyesters approves rights issue
31 May '08
1 min read
Futura Polyesters Ltd has informed that the Board of Directors of the Company at its meeting held on May 30, 2008, inter alia, has decided, subject to required approvals and subject to the applicable regulations and laws, to offer and issue on Rights Basis one Rights equity share against every two equity shares of the Company at Rs 10/- (at par), aggregating to Rs 26,21,08,395/-, to those shareholders whose names appear on the Register of Members as on the Record Date to be decided by the Board in consultation with the Stock Exchange.
The above shares proposed to be issued on Rights basis will be post-scheme of Arrangement and therefore, will not be eligible for allotment of shares of Innovassynth Investments Ltd in accordance with the Scheme of Arrangement filed by the Company in the High Court of Judicature at Bombay, under Sections 391 and 394 of the Companies Act.
The above shares proposed to be issued on Rights basis will be post-scheme of Arrangement and therefore, will not be eligible for allotment of shares of Innovassynth Investments Ltd in accordance with the Scheme of Arrangement filed by the Company in the High Court of Judicature at Bombay, under Sections 391 and 394 of the Companies Act.
Futura Polyesters Ltd
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