Greaves Morganite to expand Aurangabad unit, borrow money through ECB

The Board of Directors of Greaves Morganite Crucible Ltd at its meeting held on April 13, 2007 inter alia, has agreed on the following:

1. Expansion plan - The Board has agreed the expansion of its existing manufacturing unit located at B-11, Waluj, Aurangabad. The Company expects the expansion plan to be completed by April, 2008 and commercial production will commence from August 2008. The following resolution was passed in this effect:

2. External Commercial Borrowing (ECB) - The Board has agreed to borrow by way of ECB a sum of 7,50,000 GBP from its foreign equity holder M/s. Morganite Crucible Ltd. UK. A loan agreement to this effect is duly executed in this meeting. The following

Whereas, the Company is proposing to expand its existing manufacturing unit at B-11, MIDC, Waluj, Maharashtra;

and whereas, the said expansion is proposed to be financed by obtaining external commercial borrowing of 750000 GBP by way of loan from a Foreign Equity Holder M/s. Morganite Crucible Ltd.

Now therefore, the Board of Directors of the company be and is hereby resolved that external commercial borrowing of 750000 GBP be obtained from M/s. Morganite Crucible Ltd on such terms and conditions as stipulated in the loan agreement tabled in the meeting and initialled by the Chairman for the purpose of identification.

3. The Board has agreed to publish audited results within 90 days from the end of the Financial Year 2006-07 instead of publishing unaudited Quarterly results for the 4th Quarter ended 31.03.2007.

Source : Equity Bulls

Keywords