Hindalco Industries - Outcome of Board Meeting
Hindalco Industries Ltd has informed BSE Company came out with the Rights Offer of 231,936,993 equity shares of Rs 1/- @ Rs 96/- per Share in December, 2005. As per the terms of the Offer, Rs 24/- was payable on application and balance Rs 24/- was payable between 9 to 12 months from the date of allotment and Rs 48/- was payable between 18 to 24 months from the date of allotment.
In view of the aforesaid, the First Call Money Notice was sent on November 06, 2006 and Final Call Money Notice was sent on August 31, 2007.
In this connection, the Company has further informed BSE that the Board of Directors of the Company at their Meeting held on June 20, 2008, approved forfeiture of shares as per the relevant provisions of the Article of Association of the Company and Right issue letter of offer dated November 25, 2005, where either first or final call money is not paid.
As per the decision of the Board, the Company is sending forfeiture Notice to the concerned Shareholders, who have not paid the Call Money, advising them to pay the Call Money latest by July 08, 2008. If any, Shareholder fails to pay the Call Money by the said date, shares will be forfeited.
Tags: Hindalco Industries