Paramount Communications EGM approves increase in authorized share capital, borrowing limit, to raise USD 50 million

Paramount Communications Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on October 23, 2006, inter alia, have transacted the following special business:

1. Increase in authorized capital of the Company from Rs 25 Crores divided into 2,50,00,000 equity shares of Rs 10/- each to Rs 35 Crores divided into 3,50,00,000 equity shares of Rs 10/- each by addition of 1,00,00,000 equity shares of Rs 10/- each and consequently alteration Clause VI of Memorandum of association of the Company.

2. Issue, offer and allot further shares under Section 81(1A) of the Companies Act, 1956 upto USD 50 Million by way of international offering by issue of convertible securities / Foreign Currency Convertible Bonds (FCCBs) / Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) and / or by way of private placement / Qualified Institutional Placement, whether in Indian or Foreign currency.

3. Increase in borrowing limits under section 293(1)(d) of the Companies Act, 1956 upto Rs 1000 Crores over and above the Paid-up share capital of the Company and its free reserves.

4. Increase in the limits to create mortgage / charge / hypothecation etc., under Section 293(1)(a) of the Companies Act, 1956 upto Rs 1000 Crores over and above the Paid-up share capital of the Company and its free reserves.

Source : Equity Bulls

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