Sumeet Industries Limited — Board Meeting, 11-12-2024: Outcome of Board Meeting

The Board has approved the allotment of 2.8 crore Optionally Convertible Redeemable Preference Shares (OCRPs) at ₹10 each, totaling ₹28 crore, to various financial creditors as part of an approved Resolution Plan. This issuance follows prior approval from the stock exchanges, facilitating the company's strategy to strengthen its capital structure. The OCRPs may be redeemed within 700 days or converted into equity shares as per SEBI guidelines. The meeting lasted from 5:00 PM to 6:00 PM.