Magma Leasing EGM approves name change

Magma Leasing Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on June 05, 2007, inter alia, have approved and passed the following special / ordinary resolutions:

1. Change of Name of the Company from "Magma Leasing Ltd" to "Magma Shrachi Finance Ltd", subject to necessary approvals.

2. Increase in the Authorised Share Capital of the Company from Rs 200 Crores to Rs 285 Crores.

3. Alteration and Additions in the Articles of Association of the Company.

4. Approval of the Employee Stock Option Scheme titled Magma Employees Stock Option Scheme 2007 by creation and issue 10,00,000 (1 million) Stock Options, each of which would upon exercise be convened into 1 Equity Share of Rs 10/- each of the Company.

5. Approval for increase in the borrowing limits from Rs 500 Crores to Rs 1000 Crores.

Source : Equity Bulls

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