Tate Tea to seek approval through Notice of Postal Ballot for raising funds

Tata Tea Ltd has announced that the members of the Company will consider to approve, by way of Postal Ballot, the special resolution to create, Issue, offer and allot (including with provisions for reservation on firm and for 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, Equity Shares and / or Equity Shares through depository receipts and / or convertible bonds and / or other securities convertible into Equity Shares at the option of the Company and / or the holder(s) of such securities and / or securities linked to Equity Shares and / or securities with or without detachable / non-detachable warrants and / or warrants with a right exercise by the warrant holder to subscribe to the Equity Shares, and / or any instruments or securities representing either Equity Share and / or convertible securities linked to Equity Shares including the issue and allotment of Equity Shares pursuant to a Green Shoe Option, if any, ("Securities"); provided that the face value of the additional Equity Shares to be issued through the issuance of such Securities shall not exceed Rs 11.24 crores i.e., 20% of the existing paid-up Equity Share capital of the Company, for cash to eligible investors, (promoters and / or institutions / banks and / or incorporated bodies and / or individuals and / or trustees and / or stabilizing agents or otherwise, whether residents or non-residents, and whether or not such Investors are members of the Company), through prospectus and / or letter of offer and / or circular and / or information memorandum and / or on public and / or private / preferential placement basis, such issue and allotment to be made at such time / times, in one or more tranches, at such price or prices, in such manner and where necessary in consultation with Book Running Lead Managers and / or other Advisors (if any), 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.

The Board of Directors has appointed Ms. Shirin Bharucha, Advocate, as the Scrutinizer for conducting Postal Process in a fair & transparent manner.

The Postal Ballot forms duly completed should reach the Scrutinizer before the close of working hours on or before November 06, 2006. The Scrutinizer will submit her report to the Chairman of the Company after completion of scrutiny and the results of the Postal Ballot will be announced by the Chairman or by the Managing Director or any other Director, duly authorised by the Chairman on or before November 15, 2006.

Source : Equity Bulls

Keywords