Mascon Global to raise US$150 Million

Mascon Global Ltd has announced that the Board of Directors of the Company at its meeting held on August 24, 2007, has considered and approved the following:

I. The Board approved and recommended the following to the Members for their approval in the ensuing Annual General Meeting.

1. Increase in the limits u/s 372A(1) for Investments.

2. Increasing the existing authorized share capital of the Company from Rs 360 crores (divided into 36,00,00,000 Equity Shares of Rs 10/- each) to Rs 450 crores (divided into 45,00,00,000 Equity Shares of Rs 10/- each.

3. Employee Stock Option Scheme (ESOS-2007).

4. Increase in remuneration to the Executive Chairman & CEO for the remaining period of his term of office, subject to the approval of the Central Government.

5. Issue of Securities by way of GDR/ADR/FCCB to the extent of US $ 150 Million. (The said resolution has already been approved by the members in the AGM held on September 28, 2006. As a good corporate practice, it is recommended that the entire resolution covering even the public issue of securities of any nature as described in the resolution be approved by the members in their meeting.).

II. Board approved the Notice of the Annual General Meeting and AGM has been fixed on September 22, 2007.

Source : Equity Bulls

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