Grabal Alok to raise funds upto US$ 35 million

Grabal Alok Impex Ltd has announced that the Board of Directors of the Company at its meeting held on May 20, 2009, inter alia, has considered and approved the capital raising proposal subject to the approval of the members of the Company through Postal Ballot.

The Board approved re-conversion of un-issued 50,00,000 Authorized Preference Shares of Rs 10/- each into 50,00,000 Authorized Equity Shares of Rs 10/- each ranking pari passu with the existing shares of the Company in all respects.

To increase the Authorised Share Capital from Rs 40.00 crores to Rs 100.00 crores by creation of 6,00,00,000 Equity Shares of Rs 10/- each ranking pari passu with the existing shares in the Company in all respects.

The Board approved the Amendment of the Memorandum and Articles of Association of the Company consequent to the further increase and re-classification / re-conversion of present Authorized Share Capital of the Company.

To issue equity / other convertible of securities upto an amount of USD 35.00 million.

The Postal Ballot Notice for obtaining shareholders approval for the above matters. The results of the Postal Ballot will be declared on June 23, 2009.

The Company has appointed Shri Virendra Bhatt, Practicing Company Secretary, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.

Source : Equity Bulls

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