"The capital injection will unlock and bolster the key pillars of our growth and place the bank in even a better probability path in the long-term," said NBK chief executive Wilfred Musau.Consolidated Bank of Kenya shareholders approved creation of new 175 million redeemable cumulative preference shares
valued at S.5 billion and are in search for an investor to take them.
Under the deal, Mahindra & Mahindra Ltd will acquire up to 1,296 equity shares and subscribe up to 6,074 compulsorily convertible cumulative preference shares
, according to the automaker in a stock-exchange disclosure.
ECI has also called a special meeting of the holders of its 5.5% cumulative preference shares
to approve, among other things, changes to the terms of the preference shares to allow them to be redeemable at the option of ECI should the amalgamation proceed.
which was by way of buying 2,967 compulsorily convertible cumulative preference shares
from eBay for $ 50 million cash and subscribing to 79,113 such shares of Jasper for $ 150 million, values Snapdeal at about $ 4.7-$ 5 billion.
Keywords: equity instrument, ordinary shares, common stock, dividends, preference shares, cumulative preference shares
, treasury shares, par value, outstanding capital, authorized capital, puttable instrument
However, it made 'significant progress' towards eliminating this liability when it redeemed 475,471 of the eight per cent cumulative preference shares
at a cost of pounds 504,000 in the first half and 282,264 more subsequently, leaving 1,933,775 shares currently outstanding.