Shaily Engineering to increase share capital, to issue CCPS

Shaily Engineering Plastics Ltd has announced that the Board of Directors of the Company at its meeting held on April 24, 2007 has decided to recommend the following transaction to the shareholders of the Company:

1. The Increase of Authorized Capital from Rs 10,00,00,000/- to Rs 16,00,00,000/-.

2. Reclassify the Authorized Capital of Rs 16.00 crore divided into 76,00,000 Equity Shares of Rs 10/- aggregating to Rs 7,60,00,000/- and 15,00,000 7% Participatory Cumulative Convertible Preference Shares of Rs 56/- each aggregating to Rs 8,40,00,000/-.

3. To make further issue of following shares on Preferential basis to a person belonging to non-promoter and person acting in concern group:

(i) 1499820 7% Participatory Cumulative Convertible Preference Shares on preferential basis, of Rs 56/- each and

(ii) 180 Equity Shares on preferential basis, of a face value of Rs 10/- each and at a premium of Rs 46/- each.

Further the Company has informed that, the Board has also decided to convene Extra-ordinary General Meeting of the Company will be held on May 26, 2007 to transact the above said transaction.

Source : Equity Bulls

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