Shree Ganesh Forgings AGM approves 10% dividend, increase in share capital

Shree Ganesh Forgings Ltd has announced that the members at the Annual General Meeting (AGM) of the Company held on September 22, 2006, inter alia, have approved the declaration of final dividend @ 10% to the ordinary shareholders.

Increased the Authorised share capital of the Company from (Rs 13,25,00,000/-) divided into 1,32,50,000 Ordinary Shares of Rs 10 each to (Rs 17,50,00,000/ divided into 1,75,00,000/-) shares of Rs 10 each by creation of 22,25,000 equity shares of Rs 10/- each & 20,00,000 Convertible Preference shares of Rs 10/- each and consequential amendments in the Memorandum of Association of the company.

Authority to the Board to create, issue, offer and allot (Including with provisions for reservation on firm and / or competitive basis, of such part of issue and for such categories of persons including employees of the Company as may be permitted), in the course of one or more public or private offerings in domestic and / or one or more International market(s), with or without a green shoe Option, Ordinary Shares and / or Ordinary Shares through depository receipts (either Global Depositories Receipt / American Depository Receipt / Foreign Convertible Commercial Borrowing) and / or convertible bonds and / or other securities convertible into Ordinary Shares at the option of the Company and / or the holder(s) of such securities, and / or securities linked to Ordinary Shares and / or securities with or without detachable / non-detachable warrants and / or Warrants with a right exercisable by the warrant holder to subscribe for the Ordinary Shares and / or warrants with an option exercisable by the warrant-holder to subscribe for Ordinary Shares and / or any instruments or securities representing either Ordinary Shares and / or convertible securities links to Ordinary Shares, including the issue and allotment of Ordinary Shares pursuant to a Green Shoe option. If any, (Securities); provided that the total amount raised through the Issuance of such Securities will be calculated as per Security Exchange Board of India & other applicable guidelines in one or more currencies, including premium if any (does not exceed Rs 75 Crores only), to eligible investors (whether residents and / or non-residents and / or promoters and / or Institution and / or incorporated bodies, and / or individuals and / or trustees and / or stabilizing agents or otherwise, and whether or not such investors are members of the Company), through prospectus and / or letter or circular and / or public and / or private / preferential placement basis, such Issue and allotment to be made at such time / times, in one or more trances, at such price or prices, In such manner and where necessary, in consultation, with the Book Running Lead Managers and / or other Advisors or otherwise, on such terms and conditions as the Board, may, in its absolute discretion, decide at the time of issue of securities, subject to necessary provisions & approvals.

Amendments in Articles of Associations of the Company by inserting "a common form of transfer shall be used" in Article 51(i) of the Articles of Association of the Company.

Registered office of the Company be sifted from Fort, Mumbai to Fort, Mumbai, within the same state i.e. State of Maharashtra and also within the same local limit, subject to confirmation of Registrar of companies, Mumbai.

Source : Equity Bulls

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