SM Energy Teknik AGM approves increase in share capital, borrowing powers

SM Energy Teknik & Electronics Ltd has announced that the members at the 23rd Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the increase in the Authorised Share Capital of the Company from Rs 100,000,000 divided into 10,000,000 equity shares of Rs 10 each, to Rs 200,000,000 divided into 20,000,000 equity shares of Rs 10 each & consequential amendments in Memorandum & Articles of Association of the Company.

Authority to the Board to borrow any sum or sums of money (including non fund based facilities) from time to time at their discretion, for the purpose of the business of the Company, from any one or more Banks, Financial Institutions and other persons, firms, bodies corporate, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) may, at any time, exceed up to a sum of Rs 250,000,000 over and above the aggregate of the then paid up capital of the Company and its free reserves (that is to say reserves not set apart for any specific purpose) and that the Board of Directors be and is hereby empowered and authorized to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or otherwise as they may, in their absolute discretion, think fit, subject to necessary provisions & approvals.

Authority to the Board to issue, offer and allot equity shares of the company to be subscribed by corporate bodies and / or individuals whether or not such persons / Investors are members of the Company, such issue and allotment to be made at such time or times in one or more trenches, at par or at such price or prices, and on such terms and conditions and in such manner as the Board may, in its absolute discretion think fit on preferential and / or rights basis provided however that the issue of shares as above shall not result in increase of the overall issued and subscribed equity share capital of the Company by more than Rs 20 crores.

Source : Equity Bulls

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