Beckons Industries AGM approves issue of shares on preferential basis

Beckons Industries Ltd has announced that the members at the 14th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have approved the following:

Authority to the Board to create, issue, offer, and allot in one or more trenches on preferential basis upto 250000 equity shares of Rs 10/- each at a price to be calculated in accordance with SEBI (Disclosure & Investor Protection) Guidelines, 2000 (SEBI Guidelines) to the Punjab Biotechnology Park Ltd, subject to necessary provisions & approvals.

Authority to Board to issue 10731200 further equity shares of Rs 10/- each (hereinafter referred to as the new Equity Shares) in the authorised capital of the Company, on the following terms and conditions.

i) That the approval, if any, of the Financial Institutions / banks be obtained in terms of the Company's Agreements with them.

ii) That the Board be and is hereby authorised to issue the new Equity Shares in one o. more trenches for cash and at such premiums per share as may be approved by the Board and the Securities and Exchange Board of India and payable on such terms as the Board may determine and subject to such other terms and conditions as to number of shares, terms of payment or otherwise as may be approved by the Board or as may be required by or approved by the Securities and Exchange Board of India.

iii) That the Board be and is hereby authorized to offer the new Equity Shares at such issue price in the first instance for subscription for cash to those members of the Company whose names shall appear on the Register of Members of the Company at the close of business on such date as may be determined by the Board (hereinafter referred to as the said date) in the proportion of two new Equity Shares for every one Equity Shares being disregarded) with a right to renounce all or any of the shares so offered to them in favour of any other person.

iv) That the new Equity Shares to be offered to subscription in accordance with clauses (iii) hereof, to those members referred to therein by a Letter of Rights specifying the number of shares to which they are entitled and providing therein that the acceptance, if not received within 30 days of opening of the issue shall be deemed to have been declined and further specifying the terms of payment of each of the new Equity Shares so offered as the Board may determine,

(v) The application for additional equity shares shall be considered and allotment shall be made at the absolute discretion of the Board or Committee thereof or as may be approved by the Stock Exchange(s).

vi) That such new Equity shares shall in all respects rank pari-passu with the existing Equity Shares in the Company except that they shall be entitled only to such dividends as may be declared after allotment of the said new Equity Shares, and they shall not participate in any dividend which may be declared in respect of the financial year 2005-2006 or any period prior to the allotment thereof. The issue of new Equity Shares shall be subject to the provisions of Memorandum & Articles of Association of the Company in all respects, subject to necessary provisions & approvals.

Authority to Board to issue/offer equity shares of face value of Rs 10/- each as the Board its sole discretion may at any time or times hereafter decide which shares when issued or allotted would ultimately result in an increase in the paid up share capital of the Company to the members, employees, Companies, other entities/authorities and to such other persons, whether through public issue, private placement, exchange of securities, conversion of loans or otherwise and for general corporate purposes including capital expenditure, working capital requirements, strategic investments as the Board may deem fit and/or by any one or more or a combination of the above modes/methods or otherwise and in one or more trenches, with or without voting tights in general meetings of the Company at such price or prices; or in such manner as the Board or committee thereof may in its absolute discretion think fit, in consultation with the lead managers, underwriters, advisors and such other persons and on such terms and conditions including the number of shares to be issued, face value, rate of premium and related or incidental matters, subject to necessary provisions & approvals.

Authority to the Board for selling/leasing/mortgaging/charging the whole or substantially the whole of the undertaking of the Company alongwith all the immovable and movable properties of the Company located/available/lying loose or fastened to the earth including all tangible assets at the premises of the Company or such of them as may be agreed to between the Board and the Banks/Financial Institutions/lenders for the purpose of repayment of loan both secured/un-secured or any other debts which are due or may become due in future together with the Interest, Commitment charges, costs and other charges and expenses payable by the Company, subject to necessary provisions & approvals.

Authority to Board to borrow moneys from time to time so that moneys to be borrowed together with the moneys already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) either from the Company’s Batters and/or any one or more persons or Financial Institutions or from any other sources either in India or abroad, whether by way of advance, loans, issue of Non-Convertible Debentures/Fully Convertible Debentures/ Partly Convertible Debentures with or without detachable or non-detachable warrants or warrants of any other kind, bonds, external commercial borrowings or other debt instruments, or otherwise and whether unsecured or secured by mortgage, charge, hypothecation or lien or pledge on the Company’s assets and properties in excess of the aggregate of the paid-up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose upto a limit of Rs 100 Crores at any one time, subject to necessary provisions & approvals.

Source : Equity Bulls

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