Prudential Sugar for divestment of subsidiaries

New Delhi, Aug 13: Prudential Sugar Corporation has ratified and approved the divestment of investment in its subsidiary companies, Prudential Ammana Sugars and Prudential Tirumala Sugars.

The decision was taken at a board meeting of the company, in which the directors also passed resolutions for issuing six per cent cumulative preference shares to Industrial Finance Corporation of India (IFCI) as per the terms of One Time Settlement (OTS) agreement.

The board also approved extension of redemption of 10,00,000 partly paid up preference shares issued to promoters and their associates for further period of ten years, a company statement said.

UNI