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IndoSolar board okays 20.7 crore shares allotment to Union Bank

With the said allotment, 52.05 lakh shares, the paid up share capital of the company as on 30 December 2017 stands increased from Rs366.86 crore to Rs372.06 crore divided into 37.20 crore equity shares of Rs10 each. Photo: Indranil Bhoumik/MintPremium
With the said allotment, 52.05 lakh shares, the paid up share capital of the company as on 30 December 2017 stands increased from Rs366.86 crore to Rs372.06 crore divided into 37.20 crore equity shares of Rs10 each. Photo: Indranil Bhoumik/Mint

IndoSolar board has approved the allotment of 20.7 crore optionally convertible cumulative preference shares of Rs10 each to Union Bank of India

New Delhi: IndoSolar on Saturday said its board has approved allotment of 20.70 crore preference shares to Union Bank of India (UBI) against part of settlement amount pursuant to the “one time settlement scheme".

“The decisions of board meeting held today include allotment of 20,70,00,000... Optionally Convertible Cumulative Preference Shares of 10 each to Union Bank of India against part of settlement amount pursuant to the One Time Settlement Scheme," the company said in BSE filing.

The board has alloted 52,05,499 equity shares of Rs10 each issued at par of the company to Greenlite Lighting Corporation, a promoter group. With the said allotment, 52.05 lakh shares, the paid up share capital of the company as on 30 December 2017 stands increased from Rs366.86 crore to Rs372.06 crore divided into 37.20 crore equity shares of Rs10 each.

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