Mascon Global to raise US $ 150 million

Mascon Global Ltd has announced that the Board of Directors of the Company at its meeting held on September 02, 2006, has considered and approved & recommended the following to the Members for their approval in the ensuing Annual General Meeting:

1. The appointment of Mr Shiv Vikram Khemka & Mr Dinesh Sood as a Directors u/s 257 of the Companies Act, 1956.

2. The power for creation of Mortgage of Property u/s 293(1)(a) of the Companies Act, 1956.

3. The power to borrow funds u/s 293(1)(d) of the Companies Act, 1956 to the extent of Rs 6500 Million.

4. Investment u/s 372A(I) of the Companies Act, 1956 for a sum not exceeding Rs 2500 Million, over and above the limits prescribed in the section.

5. Issue of Securities by way of GDR/ADR/FCCB to the extent of US $ 150 Million. (The said resolution has already been approved by the members in the AGM held on September 28, 2005. As a good corporate practice, it is recommended that the entire resolution covering even the public issue of securities of any nature as described in the resolution be approved by the members in their meeting).

Source : Equity Bulls

Keywords