Sanguine Media EGM approves Rights Issue of 7050000 shares

Sanguine Media Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on January 09, 2008, inter alia, have subscribed Equity Share Capital of the Company be further increased by issue of 70,50,000 Equity Shares of Rs 10/ each ("New Equity Shares") for subscription for cash at a premium and in the manner and on the terms and conditions as set out below.

70,50,000 New Equity Shares of Rs 10/- each of the Company for cash at a premium as may be determined by the Board of Directors in consultation with the Lead Manager(s) to the issue shall be offered to such Equity Shareholders who are on the Register of Shareholders of the Company at the close of business on such date as the Board of Directors may decide in the proportion of 1 (One) New Equity Share for every Equity Share held by them on that date;

The New Equity Shares shall be subject to the Memorandum and Articles of Association of the Company and shall rank pari passu in all respects with the existing Equity Shares of the Company in all respects except dividend if any, which shall be paid proportionately (i.e. from the date of allotment).

The allotment of New Equity Shares to the non-resident Indians shall be subject to the approval of the Reserve Bank of India (RBI) and also shall be subject to such terms and conditions as may be imposed by the RBI in that behalf and subject to compliance under the relevant FEMA regulations.

Source : Equity Bulls

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