25th-Jan-2012 16:06Source: BSE

India Steel - Issue & Allotment of Preference Shares

India Steel Works Ltd has informed BSE that pursuant to the revised CDR Scheme and the sanction letter of the CDR lender namely "The New India Assurance Company Limited" and the approval of the shareholders at the EGM held on July 17, 2010, the Board of Directors of the Company, by way of passing a circular Resolution on January 09, 2012, have converted accrued interest aggregating to Rs. 2,69,308/- payable to "The New India Assurance Company Limited" and issued & allotted for the same 26931 Cumulative Redeemable Preference shares of Rs. 10 each carrying a dividend of 0.01% redeemable in 3 annual installments (25%, 25% and 50%) during 2017-2019 before September 30th of the respective year.