Network AGM approves fund raising proposal

Network Ltd has announced that the members at the 17th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have approved the alteration of the Object Clause of the Memorandum of Association of the Company for Commencement of new businesses.

Alteration in the Articles of Association of the Company for inserting clause to issue Preference Share, Warrants, Debentures or any other financial requirements.

For offer, issue and allot OCPS/CRPS to the creditors of the Company in settlement of their liabilities.

To offer, issue and allot upto 32,00,000 warrants on preferential basis to individuals, Bodies corporate and others.

To offer, issue and allot on right basis and/or public issue basis and/or private placement basis and/or any other basis, equity shares / preference shares/or other securities upto for a value of Rs 25 crores.

To make an Investment of a sum of Rs 5 crores in overseas subsidiary Company.

Source : Equity Bulls

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