Global Capital Markets to consider preferential issue

Global Capital Markets Ltd has announced that the Board of Directors of the Company at its meeting held on November 12, 2010, have considered and approved preferential issue subject to approval of Shareholders by way of Postal Ballot Rules 2001.

The Board approved increase in Authorized Capital from Rs. 240,000,000/- divided into 240,000,000 Equity Shares of Re. 1/- each to Rs. 300,000,000/- divided into 300,000,000 Equity Shares of Re. 1/- each subject to the approval of Shareholders by way of passing Resolution thru Postal Ballot Rules 2001.

The Board approved proposal to alter & substitute Capital Clause of Memorandum and Articles of Association to give effect of increased Share Capital.

The Board approved proposal to issue and allot up to 20,000,000 (Two Crore) Equity Shares of Face Value of Re. 1/- each to Non-Promoters subject to the approval of Shareholders by way of Postal Ballot as per Section 192A of the Act, the price of issue of Equity Shares will be in accordance with the provisions of SEBI (Issue of Capital & Disclosure Requirement) Regulations, 2009 and the relevant date for the above purpose is November 14, 2010.

The Board also approved proposal to add new Object Clauses in Memorandum of Association in order to empower Company to carry on the business of Computer and Computer training, Data Processing and other Computer related services as well as Information Technology (IT) related business & services.

The stock closed the day at Rs.12.95, up by Rs.0.60 or 4.86%. The stock hit an intraday high of Rs.12.95 and low of Rs.12.35.

The total traded quantity was 5.07 lakhs compared to 2 week average of 3.70 lakhs.

Source : Equity Bulls

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