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| Exchange Disseminated Time | ABG Shipyard Ltd has informed BSE that the Securities Issue Committee of the Board of Directors of the Company has, at its meeting held on September 30, 2014, approved the allotment of 8,28,67,157 (Eight Crore Twenty Eight Lacs Sixty Seven Thousands One Hundred Fifty Seven) 0.01 Compulsorily Convertible Preference Shares Rs. 10/- (Rupees Ten Only) each at Par value to the CDR Lenders as per CDR Package on preferential basis under Chapter VII - "Preferential lssue" of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (‘ICDR Regulations') in terms of the approval granted by the shareholders of the Company by way of postal ballot, the results of which have been declared on September 27, 2014 and further in accordance with the scheme of Corporate Debt Restructuring ("CDR Package") by and between the Company and the lenders of the Company ("CDR Lenders"), which has been approved by the Corporate Debt Restructuring Empowered Group ("CDR EG") at its meeting held on March 24, 2014, and communicated to the Company by the Corporate Debt Restructuring Cell ('CDR Cell') vide letter of approval dated March 27, 2014 and subject to the terms of the Master Restructuring Agreement dated March 28, 2014 (the "MRA") executed by and between the Company and the CDR Lenders.
The said of 8,28,67,157 (Eight Crore Twenty Eight Lacs Sixty Seven Thousands One Hundred Fifty Seven) 0.01 Compulsorily Convertible Preference Shares Rs. 10/- (Rupees Ten Only) each shall be fully paid-up at the time of allotment and shall be subject to lock-in for such period that may be prescribed under the SEBI ICDR Regulations. |
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