Gandhimathi Appliances AGM approves preferential issue

Gandhimathi Appliances Ltd has announced that the members at the 20th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have given the authority to the Board to issue, offer and allot to the Promoters (which term shall mean and include the Company’s Promoter Directors, their relatives and associate Companies managed / controlled by them or in which they are Directors (be such persons and entities the existing shareholders of the Company or not), 14,50,000 equity shares of Rs 10/- each at par aggregating Rs 1,45,00,000/- to the Promoter - Directors of the Company, their relatives and / or associate Companies managed / controlled by them, payment thereof to he made by conversion of the said amount out of the amount standing to their credit in the books of the Company, subject to necessary provisions & approvals.

Source : Equity Bulls

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