Mascon Global AGM approves GDR/ADR/FCCB issue for US $150 million

Mascon Global Ltd has announced that the members at the 15th Annual General Meeting (AGM) of the Company held on September 28, 2006, inter alia, have approved the power to borrow funds u/s. 293(1)(d) of the Companies Act, 1956 to the extent of Rs 6500 million.

Approval for Investment limit u/s 372A(1) of the Companies Act, 1956 for a sum not exceeding Rs 2500 million.

Approval for 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, 2005. 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).

Source : Equity Bulls

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