JRG Securities EGM approves issue of securities

JRG Securities Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on August 24, 2007, inter alia, have approved the following Special Resolutions:

1. Amendment of Clause V of Memorandum of Association of the Company - To increase the existing Authorised Share Capital of the Company from Rs 15,00,00,000/- divided into 1,50,00,000 Equity Shares of Rs 10/- each to Rs 40,00,00,000/- divided into 4,00,00,000 Equity Shares of Rs 10/- each ranking pan passu with the existing equity shares of the Company.

2. Amendment of Article 3 of Articles of Association of the Company.

3. Authority to Board to issue and allot on Preferential Basis to M/s. Duckworth Ltd:

a. 1,03,82,174 Equity shares of Rs 10/- each at the rate of Rs 48/- per equity share, including a premium of Rs 38/- per equity share, aggregating to Rs 49,83,44,352.

b. 1,33,33,333 Convertible Warrants at a subscription price of Rs 4.80 per warrant, entitling the holder of warrants to exercise an option to subscribe to 1,33,33,333 Equity Shares of the Company having a face value of Rs 10/- each at an exercise price of Rs 43.20 (effective price being Rs 48/- per Equity Share and at a premium of Rs 38/- per equity share).

4. Authority to Board to issue and allot 16,57,237 Convertible Warrants to the Promoters of the Company.

5. Authority to Board for Investment in a Non-Banking Financial Company upto Rs 25 Crores.

Source : Equity Bulls

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