Extent of preference share in capital structure

It is very much possible. But in that case you have to maintain your minimum preference authorised capital Rs. 30 crore.   

As per my understanding participating preference shares means shares the holders of which are entitled to participate in the surplus profit/dividend besides, entitlement to fixed dividend or dividend at fixed rate.

So it is also possible to distribute profits amongst equity & preference shareholders in the above ratio by issuing participating preference shares.

Revert if there is any doubt.

Best Regards