Oswal Spinning to execute BIFR scheme

Oswal Spinning & Weaving Mills Ltd has announced that a meeting of the Board of Directors of the Company will be held on November 12, 2007, to consider, pursuant to the Order dated October 23, 2007 by Hon'ble Board for Industrial and Financial Reconstruction (BIFR), allotment of 0.1% Fully Paid Cumulative Redeemable Preference Shares (0.1% CRPS) of Re 1/- each for cash at par to the Secured Lenders of the Company by way of conversion of part of their outstanding Principal amount into CRPS under the CDR approved OTS Scheme of the Company.

Source : Equity Bulls

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