Shaktiman Mercantile to raise funds, increases authorized share capital

Shaktiman Mercantile Company Ltd has announced that the Board of Directors of the Company at its meeting held on November 07, 2006, inter alia, has approved the following:

1. Shifting of Registered Office of the Company to Fort, Mumbai, in the State of Maharashtra.

2. Increase in the Authorized Share Capital of the Company from 25,00,000/- to 75,00,000/- divided into 750000 equity shares of Rs 10/- each and consequential amendments in the Memorandum and Articles of Association of the Company.

3. To issue Equity Shares for an amount not exceeding Rs 75,00,000/- to be offered to the shareholders and/or to such persons whether shareholders of the Company or not as the Board of Directors of the Company may in their absolute discretion deem fit.

4. Issue of 498000 Equity Shares of Rs 10/- each in the Share Capital of the Company, to the persons who at the record date of the offer are holders of the equity shares of the Company in proportion of 2 equity shares for every 1 equity share held on the aforesaid date, on terms and conditions.

5. To convene an Extra Ordinary General Meeting of the shareholders of the Company on November 30, 2006 to consider & approve the resolutions set out in the notice of the said Extra Ordinary General Meeting.

Source : Equity Bulls

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