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Raj Rayon Industries informs about proceedings of the board meeting

24 Dec 2022 Evaluate

 Raj Rayon Industries has informed that the Board of Directors of the Company, at its meeting held on Friday, 23rd December, 2022 has considered and approved the allotment of 48,00,000 Equity Shares of the face value of Re 1 each upon the conversion of 1,00,000 Compulsory Convertible Preference Shares Class –A (CCPS Class -A) of the face value of Rs 100 each to the Financial Creditors as per the Resolution Plan (RP) of the Company approved by Hon’ble NCLT vide its order dated 5th October, 2021, under Section 31 of Insolvency and Bankruptcy Code, 2016). The total Value of shares thus allotted with a face value of Re 1 at the conversion price of 53.10 comes to an aggregate of Rs 25,48,80,000. In accordance with the terms of issue, the Company has allotted 48 Equity Shares of the face value of Re 1 each for every 1 CCPS – Class A of the face value of Rs 100 each held by the financial creditor as per the details as per Annexure –I. The company has availed in-principle approval of BSE and NSE while issue of aforesaid CCPS Class - A vide their Letter no. DCS/PREF/JR/PRE/2172/2022-23 and NSE/LIST/30527 dated May 04, 2022 respectively. The Board Meeting commenced at 5.00 pm and concluded at 5.30 pm.

The above information is a part of company’s filings submitted to BSE.

Raj Rayon Industries Share Price

21.40 -0.09 (-0.42%)
20-Apr-2026 16:59 View Price Chart
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