Logix Microsystems to increase FII limit to 74%

Logix Microsystems Ltd has announced that a meeting of the Board of Directors of the Company will be held on December 06, 2006, inter alia, to consider and approve the following:

1. Increase in authorised share capital.

2. Increase the ceiling limit on total holdings of Foreign Institutional Investors (FII) / SEBI approved sub-accounts of FIIs in the Equity Share Capital of the Company from 49% to 74% of the paid-up Equity Share Capital of the Company.

3. Issue of Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCBs)/ Equity shares / Convertible Debentures / Warrants and / or instruments convertible into Equity shares; and

4. Issue of Equity Shares / Convertible Instruments / or any other securities other than warrants through a Qualified Institutions Placement to Qualified Institutional Buyers, pursuant to Chapter XIIIA of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

Source : Equity Bulls

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