Asian Electronics to raise funds for expansion

Asian Electronics Ltd has announced that the Board of Directors of the Company at its meeting held on September 01, 2006, inter alia, has approved the following:

1. The proposal for fund raising programme for an aggregate sum not exceeding Rs 150 crores to issue, offer and allot with or without an over allotment / Green Shoe Option in one or more tranches, Equity Shares or Securities other than Warrants which are convertible into or exchangeable with Equity Shares (Securities) to any Eligible Investor including without limitation the Qualified Institutional Buyers (QIBs) as defined under sub-clause (v) of clause 2.2.2B of the SEBI Guidelines as the Board in its sole discretion may at any time or times hereafter decide.

2. To call an Extra Ordinary General Meeting of the Shareholders of the Company on September 26, 2006 and also approved a Notice of Extra Ordinary General Meeting for the above purpose.

Source : Equity Bulls

Keywords