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Board of Arshiya allots 25 lakh shares on conversion of preference shares

Also allots 17 lakh shares under ESOPThe Board of Arshiya at its meeting held on 10 February 2021 has approved the allotment of 25 lakh equity shares of Rs 2 each to Edelweiss Asset Reconstruction Company (Lender on behalf of various EARC trusts) on conversion of 80,000 Zero percent Optionally Convertible Redeemable Preference Shares of face value of Rs 10 each. The Board has also allotted 17 lakh equity shares of face value Rs. 2/- each to the eligible employees under the Arshiya Limited Employees stock option scheme 2019. These shares shall rank pari-passu with the existing equity shares of the Company in all respects. Post allotments as mentioned above, the paid-up capital of the Company has increased to Rs. 52,45,51,830/- divided into equity shares 26,22,75,915 of face value of Rs. 2/- each from Paid up capital of Rs. 51,61,51,630 divided into equity shares 25,80,75,915 of face value of Rs. 2/- each.

AM/NS buys Essar Steel s CPP under Sarfaesi, says lenders will recover 85%

ArcelorMittal Nippon Steel India (AM/NS India) has acquired a captive power plant of Essar Steel, Essar Power Orissa Limited (EPORL), under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (Sarfaesi) Act. The acquisition of EPORL was completed on Saturday. The move is yet another effort to make AM/NS India’s operations self-reliant. Last year, AM/NS acquired Bhander power plant, a natural gas-based thermal plant at Hazira, with an installed capacity of 500 Mw through a bidding process from Edelweiss Asset Reconstruction Company. All put, the total consideration for the two plants – Bhander and EPORL – is in the range of Rs 1,000 crore. AM/NS said that the acquisition resulted in a recovery of about 85 per cent for the lenders. EPORL was acquired from SBI and Edelweiss.

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