Indo Gulf Industries Ltd to raise funds

The Board of Directors of Indo Gulf Industries Ltd at its meeting held on February 19, 2016, has approved the proposal to raise funds upto Rs. 2,50,00,000/- by Issue of Non-Convertible, Non-cumulative Redeemable Preference Shares of Rs. 100/- each on Private Placement basis subject to the approval of the members in the General Meeting of the Company.

The Board approved reclassification of the Authorised Share Capital and consequent alteration of Memorandum & Articles of Association - the existing Authorised Share Capital of the Company of Rs. 20,00,00,000/- divided into 19,75,00,000 Equity Shares of Re. 1 each and 25,000 Preference Shares of Rs. 100 each is proposed to be reclassified to 15,00,00,000 Equity Shares of Re. 1 each and 5,00,000 Preference Shares of Rs. 100/- each aggregating to Rs. 20,00,00,000/-, subject to the approval of the members in the General Meeting of the Company.

The Board approved proposal for convening an Extra Ordinary General Meeting of the shareholders of the Company on March 21, 2016 to obtain approval of the shareholders for the above stated matters.

The Board approved proposal for availing of E-voting services from Karvy Computershare Private Limited for providing remote e-voting facility.

The Cut-off date for ascertaining the list of members for reckoning of voting rights for remote e-voting and voting at the Extra-ordinary General Meeting is March 14, 2016.

Source : Equity Bulls

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