Paramount Communications board approves FCCB / ADR / GDR issue

Paramount Communications Ltd has announced that the Board of Directors of the Company at its meeting held on September 26, 2006, inter alia, have approved the issue, offer and allot further shares under Section 81(1A) of the Companies Act, 1956 upto USD 50 Million by way of international offering by issue of convertible securities / Foreign Currency Convertible Bonds ("FCCBs") / Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) and / or by way of private placement / Qualified Institutional Placement, whether in Indian or Foreign currency, subject to the approval of the members of the company.

Increase in authorized capital of the Company from Rs 25 Crores divided into 2,50,00,000 equity shares of Rs 10/- each to Rs 35 Crores divided into 3,50,00,000 equity shares of Rs 10/- each by addition of 1,00,00,000 equity shares of Rs 10 each and consequently alteration Clause VI of Memorandum of association of the Company, subject to the approval of members of the Company.

Increase in borrowing limits under section 293(1)(d) and increase in the limits to create mortgage / charge / hypothecation etc. under Section 293(1)(a) of the Companies Act, 1956 upto Rs 1000 Crores over and above the Paid-up share capital of the Company and its free reserves, subject to the approval of members of the company.

Source : Equity Bulls

Keywords