Info Drive to increase authorized share capital, to issue shares on rights basis

Info Drive Software Ltd has announced that the Board of Directors of the Company at its meeting held on December 22, 2006 has passed the following resolutions:

1. To increase the present authorized capital from Rs 12,00,00,000/- divided into 1,20,00,000 equity shares of Rs 10/- each to Rs 30,00,00,000/- divided into 3,00,00,000 equity shares of Rs 10/- each.

2. To issue 2,00,00,000 Equity Shares of Rs 10/- each aggregating Rs 20,00,00,000/- for cash at par or at such premium as may be decided by the Board on Rights basis in the ratio of Four Equity Shares for every One Equity Share held on a Record date to be finalised and fixed on obtaining applicable approvals / clearances relating to the proposed Rights Issue from all the regulatory authorities including SEBI.

3. The Board of Directors further decided to convene an Extra Ordinary General Meeting of the members of the company on January 23, 2007 to consider the resolution to increase in authorized share capital for issue of equity shares on a rights basis as per section 81 of the Companies Act, 1956.

Further, the following persons have been appointed as Additional Directors of the Company with effect from December 22, 2006.

1. Mr Singanallur Narayanan

2. Mr Clark Reiner

Source : Equity Bulls

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