Siddhartha Tubes to increase authorised share capital, issue shares on preferential basis

Siddhartha Tubes Ltd has announced that a meeting of the Board of Directors of the Company will be held on January 10, 2007, inter alia, to consider the following:

1. To take on record Unaudited Quarterly Financial Results for the quarter ended on September 30, 2006.

2. Increase in the Authorised Share Capital of the Company from Rs 60.00 Crores to Rs 110 Crores and consequential amendments in the Memorandum and Articles of Association of the Company.

3. To recommend for approval of shareholders for reclassification of Authorised Capital of the Company.

4. To recommend for approval of shareholders issue of 8,00,00,000 Equity Shares of the Company on preferential Basis.

5. To fix the relevant date and the price at which the shares are to be allotted as per the provisions of the Companies Act, 1956.

6. To approve the draft of the notice and the resolutions to be sent to the shareholders of the Company and to fix the date of EGM for approval.

Source : Equity Bulls

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