Vascon Engineers Ltd to increase authorised share capital to Rs. 150 crore

The Board of Directors of Vascon Engineers Ltd at its meeting held on January 16, 2014, have discussed and approved the proposal to increase the Authorised Capital of the Company and the consequent alteration in the Memorandum of Association by way of increase in Authorised Capital of the Company.

The existing Authorised Share Capital will be increased from Rs. 100,00,00,000/- (Rupees Hundred Crore only) divided into 10,00,00,000 (Ten Crore) Equity Shares of Rs.10/- (Rupees Ten only) each, to Rs. 150,00,00,000/- (Rupees One Hundred and Fifty Crore only) divided into 15,00,00,000 (Fifteen Crore) Equity Shares of Rs. 10/- (Rupees Ten only) each.

The present clause in Memorandum of Association will be altered as, "V. The Authorized Share Capital of the Company is Rs. 150,00,00,000/- (Rupees One Hundred and Fifty Crores only) divided into 15,00,00,000 (Fifteen Crore) equity shares of Rs. 10/- (Rupee Ten only) each with power to increase or reduce the capital of the Company and / or the nominal value of the shares and to divide the shares in the capital for the time being into several classes and to attach thereto respectively such preferential, deferred, qualified or special rights, privileges or conditions with or without voting rights as may be determined by or in accordance with the Articles of Association of the Company or as may be decided by the Board of Directors of the Company or by the Company in General Meeting, as applicable, in conformity with the provisions of the Companies Act, 1956 ('the Act'), the applicable, the Companies Act, 2013 ('the New Act') and to vary, modify, amalgamate or abrogate any such rights, privileges or conditions and to consolidate or sub-divide the shares and issue shares of higher or lower denominations in such manner as may be permitted by the Act, the New Act or provided by the Articles of Association of the Company for the time being.", be substituted.

The Board approved that a Postal Ballot shall be conducted for the approval of Members of the Company, to give effect to the alteration of the Memorandum of Association by way of Increase in Authorized Share Capital of the Company.

Shares of Vascon Engineers Ltd was last trading in BSE at Rs.23.25, down by Rs.1.05 or 4.32%. The stock hit an intraday high of Rs.24.10 and intraday low of Rs.23.05.

The total traded quantity was 4340 shares as compared to 2 week average of 6852 shares.

Source : Equity Bulls

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