Hiran Orgochem to commence real-estate business, to issue shares

Hiran Orgochem Ltd has announced that the Board of Directors of the Company at its meeting held on November 28, 2006, inter alia, has considered and approved the following:

1. Increase in Authorised Share Capital, subject to the approval of the members of the Company, from Rs 11,00,00,000/- to Rs 15,00,00,000/- divided into 1,50,00,000 Equity Shares of Rs 10/- each by creation of an additional 40,00,000 Equity Shares of Rs 10/- each and Alteration of Memorandum of Association of the Company consequent upon the increase in the Authorised Share Capital.

2. Issue of further Equity Share Capital, subject to the approval of the members of the Company, not exceeding 30,00,000 Equity Shares of Rs 10/- each for cash at a premium of Rs 140/- per share, to persons/entities including the promoters of the Company, whether such allottees are shareholders of the Company or not, on preferential allotment basis in accordance with the SEBI preferential allotment guidelines.

3. Commencement of business activities relating to real estate business, subject to the approval of the members as required u/s 149(2A) of the Companies Act, 1956.

4. Approval of the Notice for convening the Extra-Ordinary General Meeting for obtaining the approval of the members for the above matters.

Source : Equity Bulls

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