convertion preference share capital

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2010 Hi,
i am working NBFC (MICRO FIN COMPANY)FLOATED 2009.COMPANY WANTED TO CONVERT PREFERENCE CAPITAL INTO EQUITY.PLZ ADVICE THE PROCESS
REGARDING THAT

Rasesh

Rasesh (Expert)
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17 May 2010 Please confirm whether the preference shares are issued on convertible basis. If no, then direct conversion is not possible. Firstly you will have to change the terms and conditions of the preference shares by way of variation in rights and then complete the procedure for conversion.