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Stake Sale
Brushman India to raise funds
Posted On : 2009-10-20 19:56:23( TIMEZONE : IST )
Brushman India Ltd has announced that the Board of Directors of the Company at its meeting held on October 20, 2009, inter alia, has taken the decision to raise funds.
The authorized share capital of the Company be and is hereby increased from Rs. 25,00,00,000 (Twenty Five Crore only) divided into 2,50,00,000 (Two Crore Five lacs) equity shares of Rs. 10/- (Rupees Ten only) each to Rs. 50,00,00,000/- (Rupees Fifty Crore Only) divided into 5,00,00,000 (Five Crore) equity shares of Rs. 10/- (Rupees Ten Only) each.
Memorandum, of Association of the Company needs to be amended as the Authorized Capital of the Company has to be increased from Rs. 25,00,00,000 (Twenty Five Crore only) divided into 2,50,00,000 (Two Crore Five lacs) equity shares of Rs. 10/- (Rupees Ten only) each to Rs. 50,00,00,000/- (Rupees Fifty Crore Only) divided into 5,00,00,000 (Five Crore) equity shares of Rs. 10/-(Rupees Ten Only) each.
The Articles of Association of the Company needs to be amended as the Authorized Capital of the Company has to be increased from Rs. 25,00,00,000 (Twenty Five Crore only) divided into 2,50,00,000 (Two Crore Five lacs) equity shares of Rs. 10/- (Rupees Ten only) each to Rs. 50,00,00,000/- (Rupees Fifty Crore Only) divided into 5,00,00,000 (Five Crore) equity shares of Rs. 10/- (Rupees Ten Only) each.
The Board has decided for proposal of fund raising through GDR / FCCB / GDS / Preferential Allotment u/s 81 (1A) of the Companies Act, 1956 of upto USD 10 million subject to approval of shareholders at the ensuing Extra General Meeting of the Company.
The Board has decided for proposal of issue and allotment of 10 Million (Ten Million) convertible warrants of Rs. 17/- each (Rupees Seventeen only) with the option to the warrant holder to acquire for every warrant one fully paid up equity share of Rs. 10/- each at a premium of Rs. 7/- on preferential basis subject to approval of shareholders at the ensuing Extra Ordinary General Meeting of the Company.
In regard to the proposal of fund raising through GDR / FCCB / GDS / Preferential Allotment u/s 81 (1A) of the Companies Act, 1956 Extra Ordinary General Meeting of the members of the Company is proposed to be held on November 19, 2009.
The stock was trading at Rs.15.75, up by Rs.0.50 or 3.28%. The stock hit an intraday high of Rs.15.85 and low of Rs.15.15.
The total traded quantity was 20720 compared to 2 week average of 21664.
