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Issue of equity shares of Andrew Yule & Co. Ltd. as preferential issues to Bank of Baroda as Qualified Institutional Buyer

News and Press Release - Dated:- 6-4-2016 - The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for conversion of Working Capital Term Loan (WCTL) amounting to ₹ 29.91 crore from Bank of Baroda (BoB) into equity by issuing requisite number of equity shares of Andrew Yule & Co. Ltd. (AYCL) as preferential issues to BoB as Qualified Institutional Buyer. The price will be based on market price determined as per Securities and .....

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al amount of Securities Premium will form part of net worth of Company and will enhance the strength of its balance sheet. This is expected to increase growth and profitability of AYCL and in turn is likely to translate into better share price of AYCL at the time of further disinvestment of GoI shares of AYCL as per SEBI Guidelines. This will be implemented within a period of three months. Background: AYCL, established in 1863, became a Public Sector Enterprise in 1979 and is presently engaged i .....

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