Ravileela Graintes approves capital reduction and conversion of loan into equity

The Board of Directors of Ravileela Granites Ltd at its meeting held on December 20, 2013, has considered and approved the proposal pursuant to BIFR order dated July 08, 2013.

The Board approved reduction of paid up Capital to 40% i.e. Rs. 4,06,67,600 comprising of 40,47,520 equity shares of Rs. 10/- each fully paid up and 338480 partly paid up equity shares of Rs. 5/- each.

The Board also approved allotment of 65,00,000 equity shares of Rs. 10/- each upon conversion of unsecured loan into equity.

Shares of Ravileela Granites Ltd has been suspended from the stock exchanges due to penal reasons.

Source : Equity Bulls

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