Anant Raj Industries to merge group companies, increase FII limit to 40%

Anant Raj Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 16, 2006, has approved the following:

1. To acquire, subject to the approval of shareholders, entire equity share capital of the following Companies:

i. Anant Raj Hotels Ltd
ii. Goodluck Buildtech Pvt Ltd
iii. Elegant Buildeon Pvt Ltd
iv. Highland Meadows Pvt Ltd
v. Suburban Farms Pvt Ltd
vi. Springview Properties Pvt Ltd
vii. Rapid Estates Pvt Ltd
viii. Echo Properties Pvt Ltd
ix. Pelikan Estates Pvt Ltd
x. Elegant Estates Pvt Ltd
xi. Lucky Meadows Pvt Ltd
xii. Century Promoters Pvt Ltd
xiii. Empire Promoters Pvt Ltd
xiv. Pioneer Promoters Pvt Ltd
xv. Parkland Developers Pvt Ltd
xvi. Springview Promoters Pvt Ltd
xvii. Rapid Realtors Pvt Ltd
xviii. Woodland Promoters Pvt Ltd
xix. Oriental Meadows Ltd
xx. Pasupati Aluminium Ltd

2. To increase, subject to the approval of shareholders and other requisite approvals, limit of equity shareholding of Foreign Institutional Investors (FIIs) upto 40% of the total equity share capital of the Company.

3. To increase, subject to the approval of shareholders, the borrowing limit of Company from Rs 100.00 Crores to Rs 1500.00 Crores only.

It is proposed to obtain the above referred shareholders approval by way of Postal Ballot as per the provisions of Section 192A of the Companies Act, 1956.

Source : Equity Bulls

Keywords