Turbotech Engineering to raise funds

Turbotech Engineering Ltd has announced that the Board of Directors of the Company at its meeting held on August 25, 2009, inter alia, has decided to increase authorized share capital of the company up to Rs. 24,00,00,000 (Rupees Twenty Four Crore only) by issuing 1,90,00,000 (One Crore Ninety Lacs) equity shares of Rs. 10/- each, subject to consent of the members of the Company.

The Board approved proposal to raise fund to the tune of Rs 19,20,00,000 (Rupees Nineteen Crore Twenty lac only) by offering, issuing and allotting convertible warrants on preferential basis, subject to consent of the members of the Company.

The Board will convene Annual General Meeting of the members of the Company on September 30, 2009 and the draft notice for Annual General Meeting is duly approved by the Board and authorizes any of the Directors or any other person to issue the notice convening Annual General Meeting of the Company.

Source : Equity Bulls

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