Sterlite Industries EGM to approve issue of shares

Sterlite Industries India 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:

1. The reclassification of the existing authorised share capital of the Company of Rs 150,00,00,000 divided into 60,00,00,000 equity shares of Rs 2/- each and 3,00,00,000 preference shares of Rs 10/- each into Rs 150,00,00,000/- divided into 75,00,00,000 equity shares of Rs 2/- each and further increase in the authorised capital of the Company by Rs 35,00,00,000/- to Rs 185,00,00,000/- by creating an additional 17,50,00,000 equity shares of Rs 2/- each & consequential amendments in Memorandum & Association of the Company.

2. To issue, offer and allot, in the course of an offering to, or by way of private placement with eligible investors including Qualified Institutional Buyers under the Guidelines (whether or not such investors are members of the Company), by way of circulation of an offering circular, prospectus, placement document and / or such other documents, writings. circulars or memoranda, foreign currency convertible bonds / global depositary receipts, American Depositary Shares / equity shares of the Company, par value Rs 2 per share, up to an aggregate of Rs 12,500 crores, including any green shoe option in relation thereto (Securities), subject to necessary provisions & approvals.

Source : Equity Bulls

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