SNL Bearings Board revises terms for preference shares issue

SNL Bearings Ltd has announced that the Board of Directors of the Company at its meeting held on October 19, 2006, inter alia, has approved revision in terms and tenure in respect of its paid up Preference share capital of Rs 1000/- lacs, held by the holding company, with a coupon rate of 2% (revised onwards from 9% ) w.e.f. June 18th, 2002 to March 31, 2005 and of 6% from April 01, 2005 onwards. The repayment of the same has been extended to 12 years repayable @ Rs 20/- year at the end of 8th, 9th, 10th, 11th and 12th year or such earlier years as the company may deem fit.

The Board considered clearing of Preference Capital dividend arrears out of current years profits and it was decided to review the same at the end of the current financial year.

Source : Equity Bulls

Keywords