Varun Industries to go ahead with CDR proposal

01 Jan 2013 Evaluate

Varun Industries will go ahead with the Corporate Debt Restructuring (CDR) proposal of the company presented by Corporate Debt Restructuring (CDR) cell vide their letter dated December 28, 2012. The board at its meeting held on December 31, 2012 has considered and accepted the same.

As per the conditions stipulated in the CDR package, the board has approved the allotment of appropriate number of equity shares to promoters of the company, on preferential basis, so that Rs 36 crore is brought in by the promoters of the company, the allotment of equity shares to promoters on preferential basis will be subject to SEBI ICDR Regulation.

Varun Industries’ brand of stainless steel cookware, kitchenware, houseware and other utility items has been a global favourite for decades winning for the company awards and accolades from the government, Federation of Indian Export Organizations and Export Council.

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