Gangotri Textiles Limited has informed the Exchange that the Board of Directors in their meeting held on May 07,2009 have 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 70,00,000, 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 approved Corporate Debt Restructuring Scheme.[3]The Allotment of the following Equity Shares has been deferred in view of the company not obtained In-principle approval 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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