Lanco Global EGM approves increase in authorized share capital, to issue shares

Lanco Global Systems Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on October 12, 2006, inter alia, have passed the following:

1. Increase in the Authorized Share Capital of the Company from Rs 26,00,00,000/- divided into 2,60,00,000 Equity Shares of Rs 10/- each, to Rs 40,00,00,000/- divided into 4,00,00,000 Equity Shares of Rs 10/- each, by creation of additional 1,40,00,000 equity shares of Rs 10/- each, ranking pari passu with the existing Equity Shares and consequential amendment in Memorandum & Articles of Association of the Company.

2. Authority to the Board to issue and allot up to 75,00,000 Equity Shares of Rs 10/- each for cash aggregating to Rs 7,50,00,000 plus the amount of premium and over subscription, if any, from members, the promoters and subscription as may be allowed by the authorities concerned from the Financial Institutions and/or Mutual Funds and/or Foreign Institutional Investors and/or Foreign Investors (whether Institutions and/or Incorporated Bodies and/or Individuals or otherwise) Non Resident Indians and/or other entities and/or to such other persons whether or not such entities or persons are members of the Company, subject to necessary provisions & approvals.

3. Alteration in the Article of Association of the Company as follows:

i. Insertion of Article 11A after Article 11.

ii. Insertion of Article 5 III after Article 5 II.

iii. Insertion of Article 41 A after Article 41.

iv. Insertion of Article 147 A after Article 147.

Source : Equity Bulls

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