EPC Industrie issues shares to Schroder Credit

EPC Industrie Ltd has announced that the Board for Industrial and Financial Reconstruction (BIFR) has permitted vide its Order dated December 21, 2007 for raising the funds for repayment of secured creditors of the Company under the One Time Settlement Scheme.

Accordingly, the Board of Directors of the Company at its meeting held on January 22, 2007, has allotted 45,00,000 Equity Shares of Rs 10 each at a premium of Rs 39 per share aggregating to Rs 22.05 crores to the Financial Investors namely, Schroder Credit Renaissance Fund Ltd and Schroder Credit Renaissance Fund L.P.

Further, the Board of Directors of the Company has also allotted 18,00,000 Optionally Convertible Cumulative Debentures of Rs 100 each aggregating to Rs 18.00 crores to the Financial Investors namely, Schroder Credit Renaissance Fund Ltd. and Schroder Credit Renaissance Fund L.P.

The Board has also appointed Mr. Jayendra Shah as the Additional Director with effect from January 22, 2007.

The Board has also accepted resignation of Mr. K L Khanna as Director and appointed him as a Nominee of Trenton Investments Pvt Ltd. Mr. K L Khanna is also appointed as the Managing Director w.e.f. January 22, 2007 on the terms and conditions as mentioned in the Managing Director Agreement for a period of 36 months subject to approval of Shareholders.

Further the Company has informed that Mr. S H H Zaidi a Nominee Director of UTI Mutual Fund has resigned from the Board with effect from January 14, 2007.

Source : Equity Bulls

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