Pace Electronics to issue shares on preferential basis

Pace Electronics Ltd has announced that the Board of Directors of the Company at its meeting held on November 13, 2007, has approved the following:

1. To Increase Authorized Capital from Rs 3,50,00,000/- divided into 1,75,00,000 Equity Shares of Rs 2/- each to Rs 7,00,00,000/- divided into 3,50,00,000 Equity Shares of Rs 2/- each subject to the approval of Shareholders through Postal Ballot.

2. Approved the issue of 9,60,000 Equity Shares of Face Value of Rs 2/- each at a price of Rs 9/- each on preferential basis to the Investors & Promoters, subject to the approval of Shareholders by way of Postal Ballot, the price of issue of Equity Shares is in accordance with the provisions of chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000 and the relevant date for the above purpose is November 10, 2007.

3. To Change the name of Company from "Pace Electronics & Textiles Ltd" to "Pace Textiles Ltd" or such other name as may be allowed and made available by the Registrar of Companies, Maharashtra subject to the approval of the Registrar of Companies, Maharashtra, Mumbai and approval from Shareholders by way of Postal Ballot.

Source : Equity Bulls

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