North Eastern Carrying Corporation Ltd. Proposes Preferential Issue of Equity Shares to Promoter
North Eastern Carrying Corporation Ltd. has announced a proposal to issue equity share capital on a preferential basis. The capital raise is intended to benefit the company's promoters and involves the conversion of outstanding unsecured loans into equity. This transaction remains subject to the approval of the company’s shareholders.The preferential issue involves issuing equity shares to Mr. Sunil Kumar Jain, who is identified as a promoter of the company. The structured transaction sees the shares being issued in lieu of the unsecured outstanding loan owed by the promoter. The issue price of these equity shares is adjusted against the outstanding loan amount.
The company provided specific details regarding the proposed issue, outlining the types of securities, the total quantity, and the financial terms.
Details of the proposed preferential issue are as follows:
| Particulars | Details |
|---|---|
| Type of Securities | Equity Shares |
| Type of Issuance | Preferential Issue |
| Total Shares Proposed | Up to 45,00,000 Equity Shares |
| Face Value per Share | Rs. 10 |
| Issue Price per Share | Rs. 14.91 |
| Premium per Share | Rs. 4.91 |
| Investor | Mr. Sunil Kumar Jain, Promoter of the Company |
The equity shares are being issued to Mr. Sunil Kumar Jain as an adjustment against the unsecured outstanding loan amount. The proposal for the preferential issue is subject to the requisite approval from the company's shareholders.
NECCLTD Stock Price Movement
North Eastern Carrying Corporation Limited shares slipped by 2.68% on Monday, settling at ₹15.63 for the session. The equity traded in a range between ₹15.24 and ₹15.98, supported by a total volume of 133,696 shares.Source:
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