Taneja Aerospace EGM to raise funds, increase borrowing powers

Taneja Aerospace & Aviation Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 15, 2006, to transact the following business:

1. To issue, offer and allot in the coursed domestic and / or international offering(s), at any time or from time to time, in one or more tranches, from the unissued capital of the Company, further capital up to an amount not exceeding US$20 Million or rupee equivalent thereof or equivalent thereof in any other currency, including a right to retain for additional allotment as Green Shoe, in aggregate including premium, by way of wholly or partly or by combination of the Equity / Preference Shares or Warrants with a right exercisable by the warrant holders to convert or subscribe to the Equity / Preference Shares convertible or otherwise, or partly or fully convertible debentures/ bonds, or non convertible debentures / bonds with warrants with a right exercisable by the warrant holders to convert or subscribe to Equity / Preference Shares convertible or otherwise or any other Equity or Quasi Equity Financial Instruments, by way of rights issue to the shareholders or public issue or private placement or qualified institutional placement under Chapter XIII A of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (SEBI DIP Guidelines) or by issue of Global Depository Receipts (GDRs) /American Depository Receipts (ADRs) or Foreign Currency Convertible Bonds(FCCBs) under the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 (Euro Issue Guidelines) or otherwise (securities), subject to necessary provisions & approvals.

2. To borrow moneys for and on behalf of the Company, at any time or from time to time, up to an amount not exceeding Rs 15000 Lakhs or equivalent thereof in any other currency(ies), in aggregate, even though the moneys to be borrowed, together with the moneys already borrowed, by the Company, apart from the temporary loans obtained from the Company’s Bankers in the ordinary course of the business, exceed the aggregate of the paid up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, subject to necessary provisions & approvals.

3. To mortgage, hypothecate, pledge and / or create a floating charge and/or lien and/or encumbrance(s) of whatsoever nature (charges) or all or any of the Company’s Current Assets, Stock in Trade (including raw materials, stores, spare parts and components, in stock or in transit) Work in Progress, movable and immovable property of any kind and type, the whole or substantially the whole, of the undertaking(s) of the Company, wheresoever situate, present and future (properties of the Company), together with the power to take over the management of the business and concern of the Company, in certain events, in such form and in such manner as the Board may think fit and proper, in favour of any bank / financial institution/other lenders/ trustees of the Holders of any Debentures / Bonds/other Security of the Company (lenders), at any time or horn time to time, for an amount, not exceeding Rs 15000 Lakhs or equivalent thereof in any other currency(ies), in aggregate, to secure the principal amount together with interest, compound interest and all costs, charges and expenses and all other monies as may become due and payable by the Company in that behalf and to vary or modify the existing charges on all of the properties of the Company, at any time or from time to time in such manner and in such form as the Board think fit and proper in favour of such lenders, subject to necessary provisions & approvals.

Source : Equity Bulls

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