Marico EGM to approve issue of shares

Marico Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 24, 2006, inter alia, have accorded to the following:

1. Authority to the Board to offer, issue and allot, on such occasion or occasions, in one or more tranches, as may be determined by, the Board, to Qualified Institutional Buyers (QIBs) as defined under Clause 2.2.2B(v) of Chapter XIII A of SEBI (DIP), equity shares or any such instrument(s) or security(ies) (other than warrants) convertible into equity shares on such date as may be determined by the Board but not later than 60 months from the date of allotment (Securities) to be subscribed on the basis of placement documents for an amount, which shall not in aggregate exceed Rs 500 Crore at any one point in time (QIB Issue), subject to necessary provisions & approvals.

2. Authority to the Board to create, offer, issue and allot, from time to time, Option Securities, i.e., any or all the following:

a. equity shares of the Company

b. warrants (whether attached to an security or not) with an option exercisable by the warrant-holder to subscribe for equity shares or for any equity linked securities or

c. bonds, debentures, preference shares or any other security convertible into equity shares ("Option Securities")

to or for the benefit of the Option Grantees, meaning person(s) as are in the permanent employment of the Company or the whole-time Directors of the Company, who are eligible and considered by the Board (including Compensation Committee) for being granted stock options under one or more Employee Stock Option Schemes of the Company, such creation, offer, issue or allotment, being hereinafter referred to a "Option Securities Issue or Issue", subject to necessary provisions & approvals.

3. To create, offer, issue and allot, from time to time, Option Securities, i.e., any or all the following:

a. equity shares of the Company

b. warrants (whether attached to an security or not) with an option exercisable by the warrant-holder to subscribe for equity shares or for any equity linked securities or

c. bonds, debentures, preference shares or any other security convertible into equity shares ("Option Securities")

to or for the benefit of the Options Grantees, meaning any or all of the following viz, person(s) as are in the permanent employment of any Company as may be a subsidiary of the Company at the relevant time or the Directors (including the whole-time Directors) of such a subsidiary Company at the relevant time, who are eligible and considered by the Board (including Compensation Committee) for being granted stock options under one or more Employee Sock Option Schemes of the Company, such creation, offer, issue or allotment, being hereinafter referred to as "Option Securities Issue or Issue", subject to necessary provisions & approvals.

4. Investments by Foreign Institutional Investors, either directly or through their sub-accounts (the FIIs) in shares in the Company or any other security/es that is/ are convertible into shares in the Company (Securities), by purchase or acquisition of such Securities from the stock market under the Portfolio Investment Scheme under FEMA, subject to the condition that the total holding of all FIIs put together shall not exceed 35 per cent of the paid up equity share capital or paid up value of the respective series of the respective convertible security of the Company, subject to necessary provisions & approvals.

Source : Equity Bulls

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