Ganesh Polytex EGM approves increase in share capital, to issue CRPS

The members at the Extra-Ordinary General Meeting (EGM) of Ganesh Polytex Ltd held on March 24, 2007, inter alia, have accorded to the following:

1. Increase in the existing Authorised Share Capital of the Company comprising of 2,40,00,000 Equity Shares of Rs 10/- each and 3,00,000 Preference Shares of Rs 100/- each aggregating to Rs 27,00,00,000/- to Rs 28,50,00,000/- by creation of further 1,50,000 preference shares of Rs 100/- each so as to comprise of 2,40,00,000 equity Shares of Rs 10/- each and 4,50,000 Preference Shares of Rs 100/- each and consequential amendments in the Memorandum of Association of the Company.

2. Authority to the Board for issue and allotment on private placement basis to Individuals, Firms, Indian Financial Institutions, Indian / Foreign Mutual Funds, Domestic Corporate Bodies, Foreign Institutional Investors, Non-resident Indians, Overseas Body Corporates (whether Shareholders of the Company or not or forming part of the Promoter Group or not) Cumulative Redeemable Preference Shares (CRPS) of the face value of Rs 100/- each with aggregate nominal value not exceeding Rs 400.00 Lacs and such issue and allotment be made in one or more trenches at such time(s) and on such terms and conditions including the rate of dividend, amount of premium, if any payable on issue and redemption, redemption period, manner of redemption and matters incidental thereto as the Board may, in its absolute discretion deem fit, subject to necessary provisions & approvals.

3. Authority to the Board to create, offer and issue and allot 4,90,000 Warrants from time to time or in one or more tranche or tranches, each warrant entitling the holder thereof to apply for and to be allotted One Equity Share per Warrant at any time, during such period as may be decided by the Board in accordance with the applicable guidelines and regulations issued by the concerned authorities to the 'Promoters Group' (which expression shall mean and include the Promoters and present Management in control of the Company and their friends, Associates, Companies controlled by them or in which they are Directors or Shareholders, hereinafter referred to as 'Promoter Group') and such Warrants so issued or allotted shall give rise on allotment or upon conversion / upon exercise of right to Equity Shares of an aggregate face value not exceeding Rs 49,00,000/- and the issue in exchange of Warrants shall be at a Price to be determined in accordance with the guidelines issued by SEBI or Rs 15/- per Equity Share, whichever is higher and upon such other terms and conditions as may be deemed appropriate by the Board and acceptable to the "Promoter Group" and permitted under the relevant guidelines in force at the time of issue of such warrants, subject to necessary provisions & approvals.

Source : Equity Bulls

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