KEI Industries EGM approves stock split

KEI Industries Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 23, 2006, inter alia, have accorded to the following:

1. Issue of up to 200,000 stock options convertible into 200,000 equity shares of Rs 10/- each under Employees Stock Option Scheme 2006 formulated by the Company as per Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.

2. Sub-division of face value of equity shares of Rs 10/- into five equity shares of Rs 2/- each and consequent amendment in Clause VII of the Memorandum of Association of the Company.

3. Creation of charges / mortgages and hypothecations etc., on the properties of the Company, both present and future, up to an aggregate amount of Rupees One Thousand Crores over and above the paid up capital and free reserves.

4. Raising of funds through Issue of GDR / ADR / FCCB etc up to US$ 60 Million.

5. Raising of funds from Domestic Market through issue of securities to Qualified Institutional Buyers (QIBs) up to an aggregate amount not exceeding Rs 2,000 Million.

Source : Equity Bulls

Keywords