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Escorts to issue preferential shares
NEW DELHI: Escorts on Thursday announced its financial restructuring strategy under which it would offer preferential shares to non-resident investors and increase its authorised share capital. The company will restructure its authorised share capital by way of consolidation of existing unclassified shares of Rs. 333 crores and increase by creating further unclassified shares up to an amount of Rs. 440 crores, Escorts informed the Bombay Stock Exchange. Besides, the company will also issue securities on a preferential basis, up to the extent of Rs. 777.76 crores in favour of overseas investors by way of cumulative redeemable preference shares.
PTI
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