Rap Media EGM approves increase in authorized share capital

Rap Media Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on August 30, 2006, inter alia, have accorded to the following:

1. Increase in the Authorized Share Capital of the Company from Rs 5,50,00,000 /- divided into 55,00,000 Equity Shares of Rs 10/- each to Rs 12,00,00,000/- divided into 120,00,000 Equity Shares of Rs 10/- each by creation of 65,00,000 Equity Shares of Rs 10/- each and consequential amendments in the Memorandum and Articles of Association of the Company.

2. To offer, issue and allot 8,81,000 fully paid equity shares (face value Rs 10/- each) in the company at a rate of Rs 387/- per share i.e., at a premium of Rs 377/- per share aggregating to Rs 34,09,47,000/- ranking pari passu with the existing equity in all respects to the bodies corporate without offering the same to the persons who at the date of the offer are holders of the equity shares of the company.

Source : Equity Bulls

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