ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Further Work with Some Help

Further Work with Some Help Hansavivek HINDUSTAN CONSTRUCTION has received government consent for issue of 9.5 per cent redeemable cumulative preference shares, of Rs 100 each, at par of the aggregate face value of Rs 55 lakhs and 12,000 convertible debentures, of Rs 1,000 each, carrying interest at 8.5 per cent per annum. ICICI, LIC and UTI have agreed to subscribe to all the debentures, but the redemption dates which they have given are different from that of the consent order. The company will be required to issue throe series of debentures having different dates of redemption. It has applied to government for an amendment of the consent order. The financial institutions have also stipulated that they be given the option to convert one-fifth of the debentures into fully paid equity shares of the company, at par, at any time during Meanwhile, The company has produced

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