The members of Madhusudan Industries have approved to issue and allot 6,142,857 equity shares of Rs 10 each to Primus Retail on preferential basis.
Further, the members have approved to issue and allot equity shares or securities other than warrants which are convertible into or exchangeable with equity shares to any eligible investor for an aggregate sum not exceeding Rs 50 crore.
This was approved at the extraordinary general meeting held on 11 April 2011.