Preferential Allotment

Dear Vikas,

First check Memorandum and increased authorised capital accordingly.

For issue of  non-redeemable fully convertible preference shares chapter VII of ICDR guideliness will be applicable.

Imp factors in ICDR;

1. Pricing for issue
   
2. Lock In will be for one year if alloted to non-promoters
   
3. Quantum of allotment subject to SEBI SAST Regulation
   

Also need to check whether there is any restriction in loan agreement for such conversion.

Rest procedures as specified under Companies Acts and rules therein will be applicable.

Regards

Jaideep Pandya