Gokak Textiles to issue NCRPS to promoting company

14 Mar '16

1 min read

Gokak Textiles, an India based textile company promoted by the multi-faceted Shapoorji Pallonji Group of Companies, will be issuing Non-cumulative, Non-convertible, Redeemable Preference Shares (NCRPS) of Rs 10 each of Rs 20 crores on a private placement basis to its promoting company.

“We wish to inform you that the Board of Directors of the company, at their meeting held on March 11, 2016, have recorded that the offer or invitation for subscription be made to Shapoorji Pallonji, promoter of the company. It was decided not to seek listing of the NCRPS,” the company informed in a statement filed with the BSE.

The shareholders of Gokak Textiles approved to the issue of NCRPS to its promoting company in a general meeting held in Bangalore in February, 2016. The first notice for this issue was filed with the BSE in January.

In another statement filed with the BSE, the company announced the appointment of Sachin Kulkarni, the whole-time director of the company, as its interim compliance officer.

Kulkarni has been serving as the whole-time director of the company since July, 2015. (MCJ)

ALCHEMPro News Desk – India

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