Reliance Weaving to convert outstanding loans of Fatima Energy into redeemable Preference Shares

MG News | February 17, 2022 at 03:40 PM GMT+05:00

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February 17, 2022 (MLN): The Board of Directors of Reliance Weaving Mills Limited has approved the conversion of outstanding loans and advances of Fatima Energy Limited amounting to Rs. 763,778,970 into 76,377,897 unlisted, non-voting, non-cumulative, participatory, convertible and redeemable Preference Shares at par value of Rs10 each, company’s filing on bourse showed today.

The aforesaid approval is subject to the approval of shareholders of the Company.

In addition, the board has decided to hold the Extraordinary General Meeting of the company on Thursday, March 10, 2022 to consider the aforesaid Special Business.

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