| Has approved issue of share warrants to the extent of Rs 48 million on preferential basis to the existing promoters with an option to apply for and be allotted shares, subject to necessary approval of SEBI, stock exchanges or any other authority as may be required. The preferential allotment shall bring the promoters shareholding from existing 42% to 74% of the proposed total paid capital.
The Board has fixed May 31, 2006 as the date of Extra Ordinary General Meeting for considering the matter.
The issue of share warrants has become necessary for generation of funds to repay the existing loans of Bank.
EGM 31/05/2006
inter alia, to transact the following business:
1. Modifying & Substituting clause V of the Memorandum & Clause 3 of Articles of Association of the Company, with the following clause:
Authorised share capital of the Company is Rs 11,00,00,000/- divided into 1,10,00,000 Equity
Shares of Rs 10/-.
2. To create, issue and allot to promoter / promoter group, whether or not they are members of
the Company, Share Warrants by way of preferential allotment at such price to be worked out
in accordance with SEBI (Disclosure and Investor Protection) Guidelines 2000, provided that
the price of the share warrants to be issued shall not be less than Rs 10/- per equity share and
the aggregate face value of the securities so issued shall not exceed Rs 3,80,00,000/-. Each
share warrant shall be convertible in one equity share of the Company within eighteen months of the issue of share warrants, subject to necessary approvals & provisions.
(As per BSE Bulletin dated on 12/05/2006)
The company has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 31, 2006, inter alia, have transacted the following business:
1. Modifying & Substituting clause V of the Memorandum & Clause 3 of Articles of Association of the Company, with the following clause:
Authorised share capital of the Company is Rs 9,00,00,000/- divided into 90,00,000 Equity shares of Rs 10/- each.
2. Authority to the Board to create, issue and allot to promoter / promoter group, whether or not they are members of the Company, Share Warrants by way of preferential allotment at such price to be worked out in accordance with SEBI (Disclosure and Investor Protection) Guidelines 2000, provided that the price of the share warrants to be issued shall not be less than Rs 10/- per equity share and the aggregate face value of the securities so issued shall not exceed Rs 1,69,50,000/-. Each share warrant shall be convertible in one equity share of the Company within eighteen months of the
issue of share warrants, subject to necessary approvals & provisions.
(As Per BSE Bulletin Dated On 06/06/2006) |