Zicom Electronic to raise funds through issue of securities

Zicom Electronic Security Systems Ltd has announced that the Board of Directors of the Company at its meeting held on September 12, 2008, inter alia, has approved of giving corporate guarantee related to business of Unisafe Fire Protection Specialists LLC, Dubai, and obtaining confirmation of shareholders by way of Postal Ballot.

To issue securities not exceeding US$ 20 million or equivalent thereof in Indian Rupees by way of Foreign Currency Convertible Bonds and / or Global Depository Receipts and / or other Foreign Securities / Instruments convertible into or linked to equity.

To issue 20,00,000 warrants on Preferential basis to Promoters Group Companies in accordance with SEBI's Guidelines on Preferential Issues and other applicable statutory provisions.

To increase the limit for making inter corporate investments by way of acquisition of investments / providing loans / giving guarantee upto Rs 450 crores.

To take steps to obtain necessary approval of the Shareholders by conducting Postal Ballot process for all the above items.

Source : Equity Bulls

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