Info Drive EGM approves raising of US$ 100 Million

Info Drive Software Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 06, 2008, inter alia, have transacted to increase the Authorized Share Capital from 3,00,00,000 Equity Shares of Rs 10/- each aggregating to Rs 30,00,00,000/- (Rupees Thirty Crores only) to 6,00,00,000 Equity Shares of Rs 10/- each aggregating to Rs 60,00,00,000/- (Rupees Sixty Crores only) by amending the Authorized Share Capital Clause in the Memorandum and Articles of Association.

To alter the Articles of Association by substituting the new Article 3 in place of the existing Article 3 in relation to the increase in the Authorized Share Capital from 3,00,00,000 to 6,00,00,000 Equity Shares.

To raise upto USD 100 Million in one or more tranches by issuing Equity Shares / Convertible Debentures / Convertible Warrants / Convertible Securities / Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Institutional Allotment or by way of private Placement in Indian Currency or Foreign Currency or by way of ESOP to raise this capital as per Resolution No. 3 of the Notice of Extra-Ordinary Genera1 circulated to Members.

To take note of the ratification of the re-designation of Mr. K Shivakumar as Joint Managing Director with effect from September 28, 2007 for a period of two years from September 28, 2007 to September 27, 2009 on a remuneration terms & conditions.

Source : Equity Bulls

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