Bombay Rayon Fashions Ltd approves issue of 4826982 shares

The Board of Directors of Bombay Rayon Fashions Ltd approves issue of equity shares upto 48,26,982 of face value of Rs. 10/- each on preferential basis in accordance with Chapter VII of SEBI (ICDR) Regulation, 2009, pursuant to conversion of Working Capital term loans (WCTL) and/or Funded Interest Term Loans (FITL) by the CDR package to the lenders who may not exercise their rights within the validity period of the resolution approved by shareholders of the Company at the Extra-ordinary General Meeting held on May 9, 2016.

The Board also approved issue of equity shares upto 126,655,304 on preferential basis, in accordance with Chapter VII of SEBI (ICDR) Regulations, 2009 and other applicable provisions of the Companies Act, 2013, representing 39.89% of the expanded share capital and such number of Optionally Convertible Debentures (OCDs) of face value Rs. 1000/- each not exceeding Rs. 410 crores to the Lenders under Scheme for Sustainable Structuring of Stressed Assets (S4A scheme).

The Board also approved proposal for convening of Extra-ordinary General Meeting on May 20, 2017 for approving the above mentioned matters.

Shares of BOMBAY RAYON FASHIONS LTD. was last trading in BSE at Rs.130.5 as compared to the previous close of Rs. 130.9. The total number of shares traded during the day was 29891 in over 321 trades.

The stock hit an intraday high of Rs. 134.25 and intraday low of 128. The net turnover during the day was Rs. 3916341.

Source : Equity Bulls

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