Gangotri Textiles Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 07, 2009, inter alia, has approved the following:
1. Co-option of the following persons as Additional Directors.
(a) Sri. A S Ravichandran
(b) Sri. Ullash Sanghavi
2. Allotment of 70,0O,000, 6.5 % Redeemable Cumulative Preference Shares of Rs 100/- each to M/s. State Bank of India towards conversion of loan outstanding in terms of the a Corporate Debt Restructuring Scheme.
3. The allotment of the following Equity Shares has been deferred in view of the Company not obtained in-principal for listing of the shares from the Stock Exchanges.
(a) 67,84,261 Equity Shares of Rs 5/- each @ Rs 7.37 per share to M/s. State Bank of India, towards conversion of loan outstanding.
(b) 97,69,335 Equity Shares of Rs 5/- each @ Rs 7.37 per share to Mrs. Anita Tibrewal towards conversion of Un-secured loan.
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