Pokarna AGM approves increase in share capital, declares 35% dividend

Pokarna Ltd has announced that the members at the 15th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the declaration of Dividend @ 35% for the Financial Year 2005-2006.

Increase in Authorised Share Capital of the Company from Rs 10,00,00,000 consisting of 1,00,00,000 Equity Shares of Rs 10 to Rs 20,00,00,000 consisting of 2,00,00,000 Equity Shares of Rs 10 each & consequential amendment in Memorandum & Articles of Association of the Company.

Authority to the Board to borrow any sum or sums of money (including non fund based facilities) from time to time at their discretion, for the purpose of the business of the Company, from any one or more Banks, Financial Institutions and other persons, firms, bodies corporate, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) may, at any time, exceed upto a sum of Rs 250 crores over and above the aggregate of the then paid up capital of the Company and its free reserves (that is to say reserves not set apart for any specific purpose) and that the Board of Directors ,is hereby empowered and authorised to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or otherwise as they may, in their absolute discretion, think fit, subject to necessary provisions & approvals.

Authority to the Board to offer, issue and allot either in India or in the course of international offering(s) in one or more foreign markets, such number of Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs) and/or Equity Shares (through Depository Receipt Mechanism) and / or any other Financial Instruments convertible into Equity Shares or otherwise, in registered or bearer form and / or any security convertible into Equity Shares, securities linked to Equity Shares and / or securities with or without detachable warrants with right exercisable by the warrant holders to convert or subscribe to Equity Shares ("Securities") or any combination of Securities, in one or more tranches, whether rupee denominated or denominated in foreign currency, to any person, including foreign/resident investors (whether institutions, incorporated bodies, mutual funds, individuals or otherwise), Foreign Institutional Investors, Indian and / or Multilateral Financial Institutions, Mutual Funds, Banks, Insurance Companies, Pension Funds, Non-Resident Indians and / or any other categories of investors, whether they be holders of shares of the Company or not ("Investors") through public issue(s) of prospectus, private placement(s) or a combination thereof at such time or times, at such price or prices, at a discount or premium to market price or prices in such manner and on such terms and conditions including security, rate of interest etc, as may be deemed appropriate by the Board at its absolute discretion including the discretion to determine the categories of Investors to whom the offer, issue and allotment shall be made to the exclusion of all other categories of Investors at the time of such offer, issue and allotment considering the prevailing market conditions and other relevant factors and wherever necessary in consultation with Lead Managers, upto an amount not exceeding US $ 15 million inclusive of such premium as the Board at its absolute discretion may deem fit and appropriate, subject to necessary provisions & approvals.

Source : Equity Bulls

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