Millennium Beer AGM approves increase in share capital, to issue preference shares

Millennium Beer Industries Ltd has announced that the members at the 17th Annual General Meeting (AGM) of the Company held on September 15, 2006, inter alia, have approved the increase in the Authorized Share Capital of the Company from present Rs 60,00,00,000/- comprising of 6,00,00,000 Equity Shares of Rs 10/- each to Rs 250,00,00,000/- divided into 6,00,00,000 Equity Shares of Rs 10/- each and creation of additional 1,90,00,000 Preference Shares of Rs 100/- each and consequential amendments in the Memorandum and Articles of Association of the Company.

Authority to the Board to issue and allot 1,50,00,000, 1%, Non Convertible Cumulative Redeemable Preference Shares of Rs 100/- each at par aggregating to Rs 1,50,00,00,000/- forming part of the Authorized Capital of the Company to the Promoters, Millennium Alcobev Pvt Ltd (MAPL), a company incorporated under the Companies Act, 1956 and having its registered office at Poonamalli High Road, Chennai on a preferential allotment basis, subject to necessary provisions and approvals.

Authority to the Board to issue and allot 35,00,000, 1% Non Convertible Cumulative Redeemable Preference Shares of Rs 100/- each at par aggregating to Rs 35,00,00,000/- forming part of the Authorized Capital of the Company to United Millennium Breweries Ltd (UMBL), a Promoter Group company incorporated under the Companies Act, 1956 having its registered office at Srikakulam District, Andhra Pradesh on a preferential allotment basis, subject to necessary provisions and approvals.

Source : Equity Bulls

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