Sri Adhikari Brothers AGM approves increase in capital, declares 6% dividend

Sri Adhikari Brothers Television Network Ltd has announced that the members at the 11th Annual General Meeting (AGM) of the Company held on September 28, 2006, inter alia, have approved the declaration of dividend @ 6% (Re 0.12 per share) on Equity shares of Rs 2/- each.

Increase in the Authorized Capital of the Company from Rs 15 Crores to Rs 20 Crores by creation of 2.5 Crores Equity Shares of Rs 2/- each and consequential amendments in the Memorandum and Articles of Association of the Company.

Authority to the Board to offer / issue and allot in the course of domestic and / or international offering(s) in one or more tranches to any category of Investors whether shareholder or not, through a domestic Public issue and / or on a private placement basis, such number of Equity shares of nominal value of Rs 2/- each or equity shares underlying securities in the form of GDRs / ADRs / FCCBs or any other permitted instruments / securities through prospectus and / or Offer Letter and / or Offering Circular and / or any other document as may be required, the total amount raised through the aforesaid Equity shares / securities should not exceed US$ 15 Million or equivalent Indian Rupees.

Authority to the Board to borrow in excess of the aggregate of paid up capital and reserve of the Company under Section 293(1)(d) of the Companies Act, 1956 from time to time but not exceeding Rs 100 Crores at any point of time.

Creation of further charges / hypothecation / mortgage on the assets of the Company to secure the borrowings made by the Company.

Source : Equity Bulls

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