IOL Broadband EGM to discuss issue of shares

IOL Broadband Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 11, 2006, inter alia, to transact the following business:

1. Increase in the Authorised Share Capital of the Company from Rs 50,00,00,000/- divided into 5,00,00,000 Equity Shares of Rs 10/- each to Rs 70,00,00,000/- divided into 7,00,00,000 Equity Shares of Rs 10/- each & consequential amendment in the Memorandum & Articles of Association of the Company.

2. To offer, issue and allot, in one or more tranches, on a preferential basis, upto 7,00,000 Equity Share Warrants (Warrants), carrying an entitlement to subscribe to an equivalent number of Equity Shares of Rs 10/- each at Rs 95/- (including premium of Rs 85/- per share) to M/s Maula Trading Company Pvt Ltd and on such other terms and conditions, as the Board may deem appropriate in its absolute discretion.

3. For investments by Foreign Institutional Investors including their sub- accounts (FIIs), in the shares or bonds / debentures convertible into shares of the Company, by purchase or acquisition from the market under the Portfolio Investment Scheme under FEMA, subject to the condition that the total holding of all FIIs put together shall not exceed 49 per cent of the paid up equity share capital or paid up value of the respective series of the convertible bonds / debentures of the Company as may be applicable or such other maximum limit as may be prescribed from time to time, subject to necessary provisions & approvals.

Source : Equity Bulls

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