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Coromandel Engineering to issue CNPRPS on private placement basis

Coromandel Engineering Company has received approval for issuance of 7% Cumulative Non-Participating Redeemable Preference Shares (CNPRPS) on a private placement basis for an amount not exceeding Rs 23 crore. The Board of Directors of the Company at its meeting held on June 18, 2019 has approved the same.

The Board also approved the increase of the authorized Preference Share Capital from Rs 25 crore to Rs 32 crore by creation of additional Rs 7 crore comprising of 7 lakh Preference Shares of Rs 100 each and consequential amendment to the Capital Clause of the Memorandum of Association of the Company.

Coromandel Engineering Company is engaged in the construction business.

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