Logix Microsystems to increase FII limit, raise funds through issue of securities

Logix Microsystems Ltd has announced that the Board of Directors of the Company at its meeting held on December 06, 2006, inter alia, has:

1. 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.

2. Increase in Authorised Share Capital from Rs 10 crores to Rs 13.20 crores divided into 1.32 crores equity shares of Rs 10/- each.

3. Raising of funds up to Rs 125 crores by way of:

a. 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 / or

b. 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.

4. Convening Extra Ordinary General Meeting (EGM) on January 06, 2007.

Source : Equity Bulls

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