Patel Integrated EGM approves preferential issue, private placement

Patel Integrated Logistics Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on January 11, 2008, inter alia, have granted their approval to the proposals including raising funds, delisting of securities from regional stock exchanges and increased the borrowing powers.

The Preferential offer of 18.00 lakh Equity Shares and 8.00 lakh Equity Warrants to Promoter / Non Promoters (Individuals, HUF, Bodies Corporates and FII) of Rs 10/- each at a price of Rs 74/- per equity share and per equity warrant which includes premium of Rs 64/- per equity share, to be utilized for meeting capital expenditure including acquisition of Express Super Hubs and other corporate initiatives envisaged in the expansion plans of the Company.

The Private Placement of Preference Shares and / or Equity Shares and / or Fully or Partly Convertible Debentures / Convertible Preference Shares / such other Security / Financial Instrument which may be convertible at a later date into Equity Shares of the Company to Qualified Institutional Buyers (QIBs), as may be deemed necessary in future by the Board of Directors.

To Increase the Authorised Capital of the Company FROM the existing Rs 15.00 crores comprising of 1.50 crore Equity Shares of Rs 10/- each TO Rs 20.00 crores comprising of 2.00 crore Equity Shares of Rs 10/- each and consequential changes in the Articles and Memorandum of Association of the Company to give effect to above initiatives.

Delisting of Company's shares from all or any of the Stock Exchanges mentioned below, as the Board of Directors may deemed fit;

i. Ahmedabad Stock Exchange Ltd
ii. The Delhi Stock Exchange Association Ltd
iii. The Madras Stock Exchange Ltd
iv. The Calcutta Stock Exchange Association Ltd

Borrowing of funds, from time to time, by the Board of Directors, which, with existing funds borrowed by the Company, may exceed the paid capital and free reserves of the Company, provided that the total funds borrowed shall not exceed Rs 100.00 crores at any given time.

Source : Equity Bulls

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