Granules India EGM to approve fund raising proposal

Granules India Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 04, 2006, inter alia, to transact the following business:

1. To offer, issue and allot either in India or in the course of international offering(s) in one or more foreign markets, such number of Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs) and/or Equity Shares (through Depository Receipt Mechanism) and / or any other Financial Instruments convertible into Equity Shares or otherwise, in registered or bearer form and / or any security convertible into Equity Shares, securities linked to Equity Shares and / or securities with or without detachable warrants with right exercisable by the warrant holders to convert or subscribe to Equity Shares (Securities) or any combination of Securities, in one or more tranches, whether rupee denominated or denominated in foreign currency, upto an amount not exceeding US $ 20 million, including a green shoe option, if any, for such amount within the aforesaid limit as determined by the Board inclusive of such premium as the Board at its absolute discretion may deem fit and appropriate, subject to necessary provisions & approvals.

2. Increase in the Authorised Share Capital of the Company from Rs 20,00,00,000 divided into 200,00,000 Equity Shares of Rs 10/- each to Rs 30,00,00,000 divided into 3,00,00,000 Equity Shares of Rs 10/- each and consequential amendment in the Memorandum & Articles of Association of the Company.

3. Borrowing any sum or sums of money from time to time whether in Indian rupees or foreign currency from any one or more Company’s bankers and / or from any one or more persons, firms, bodies corporate, or financial institutions whether by way of advances, deposits, loans, non convertible debentures, bonds or otherwise and whether unsecured or secured notwithstanding that the moneys to be borrowed together with moneys already borrowed by the Company (apart from the temporary loans obtained from the Company’s Bankers in the ordinary course of business) will or may exceed the aggregate paid up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose but, so however, that the total amount up to which the moneys may be borrowed by the Board of Directors and outstanding shall not exceed the sum of Rs 300 cores at any one time, subject to necessary provisions & approvals.

4. Appointment of Mr C Harsha, (relative of Mr C Krishna Prasad, Managing Director and Dr C Nageswara Rao, Chairman), to hold and continue to hold office in the Company / or in any of the subsidiaries of the Company whether abroad or in India, as "Head - Strategic Planning” or in any other capacity / position, with effect from September 01, 2006, on remuneration, terms & conditions.

Source : Equity Bulls

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