Gallantt Metal to allot 50 Lakh shares

Gallantt Metal Ltd has announced that the Board of Directors of the Company at its meeting held on September 17, 2008, inter alia, has decided to issue and allot upto 50,00,000 Equity Shares of face value of Rs 10/- at a price to be decided in accordance with the provisions of Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 to Foreign Institutional Investor/NRIs/ Strategic Investor on preferential allotment basis, subject to the approval of the members of the Company in General Meeting by way of special resolution as required to be passed under the provisions of the Companies Act, 1956 as well as such other provisions of SEBI (Disclosure and Investor Protection) Guidelines, 2000 and such other approvals, consent, sanction etc. as may be required for this purpose.

Further, the Board has decided to increase the Authorised Share Capital of the Company from the Rs 80,00,00,000/- (Rupees Eighty Crores only) divided into 8,00,00,000 (Eight Crores only) Equity Shares of Rs 10/- (Rupees Ten) each to Rs 83,00,00,000/- (Rupees Eighty Three Crores only) divided into 8,30,00,000 (Eight Crores Thirty Lacs) Equity Shares of Rs 10/- (Rupees Ten) each.

Source : Equity Bulls

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