INRnews - Indian Real Estate News

The EGM was attended by almost 55 shareholders. All the shareholders present voted unanimously in favor of the resolutions proposed by the board of directors of the company.

The EGM has also approved that the debentures on issue and allotment and on being fully paid-up, be converted into equity shares in the ratio of 10 equity shares of Rs 10 each for every 1 debenture of Rs 100 each held by them.

The EGM also approved the split of shares so issued into 5 shares of Rs 2 each for every Rs 10 paid up share.

The EGM also approved a further bonus share issue of seven equity shares of Rs. 2 each for every share of Rs 2 held after the conversion of the debentures into equity shares and subsequent splitting of shares.

The new shares so issued will rank pari-passu to existing shares of the company and carry the same benefits.

The board of directors had been advised that there were no lapses committed by the company in respect of the offer of debentures made to the shareholders in December 2005, but keeping the interest of the minority shareholders in mind and to maintain their goodwill, the board decided to revive the lapsed offer of debentures to the minority shareholders. The move will benefit minority shareholders of DLF.