Ckoramaandel Cements Board approves increase in share capital, enhancement of borrowing powers

Ckoramaandel Cements Ltd has announced that the Board of Directors of the Company held on July 19, 2007, inter alia, declared and resolved as follows:

1. Approved the increase of Authorised Share Capital of the Company from Rs 19.50 Crores to Rs 37.50 Crores by creation of 1,80,00,000 Equity Shares of Rs 10/- each, subject to approval of members in General Meeting.

2. Approved the Proposal for Enhancement of Borrowing Powers or the Board From Rs 330.00 Crores to Rs 600.00 Crores and authorized Board, subject to approval of members, to create Mortgage / Charge on Company's assets.

3. Considered and approved the Proposal for alteration of Clause III (C)(5) of Memorandum of Association and taking up New Business of power generation, which was included in other Objects Clause.

5. Considered and approved the proposal for going for postal ballots.

Source : Equity Bulls

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