Bemco Hydraulics Cancels Proposed Rights Issue

Bemco Hydraulics Ltd has announced that the Company has received a letter from Bank of Maharashtra dated February 09, 2007 asking the Company to increase the Equity Capital immediately in terms of their sanctions of various limits.

Further Merchant Bankers also informed to the Company that the process of Rights Issue will require mote time and it is not possible to complete the process of Rights Issue before March 31, 2007.

In view of this, the Company intends to cancel the Proposed Rights Issue as decided earlier and would opt for the Allotment of Equity Shares on Preferential basis to fulfill the terms of the sanction of various limits by the bank immediately.

In view of this, the Company is intending to call a meeting of the Directors of the Company on February 17, 2007 on short Notice to the Directors, to decide on the above issues and to approve the EGM Notice.

Source : Equity Bulls

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