Mefcom Agro Industries seeks EGM approval for bonus issue

Mefcom Agro Industries Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 10, 2007, inter alia, to transact the following:

1. Increase in the Authorised Share Capital of the Company from Rs 10,00,00,000/- to Rs 10,50,00,000/- by creation of 5,00,000 new equity shares of Rs 10/- each ranking pari passu with the existing equity shares & consequential amendments in the Memorandum & Articles of Association of the Company.

2. To re-issue 46145 forfeited equity shares at a premium of Rs 200/- each aggregate Rs 210/- each to Avisha Credit Capital Ltd, New Delhi.

3. To issue 4,25,000 equity shares of Rs 10/- each at a premium of Rs 225/- each aggregating Rs 9,98,75,000/- to the Public or to any one or more persons whether members of the Company or not and as per the SEBI Guidelines.

4. To list the equity shares of the Company in National Stock Exchange of India Ltd (NSE).

5. Capitalization of a sum of Rs 6,87,75,000/- standing to the credit of the Company's Securities Premium Account and the aforesaid amount of Rs 6,87,75,000/- be applied in terms of article 123 of the articles of association of the Company for paying up in full at par 68,77,500 equity shares of Rs 10/- each in the capital of the Company to be allotted and distribution as fully paid bonus shares to such members who are holding equity shares as per the register of members or in the record of depository (NSDL and CDSL) as beneficial owners of the Company's equity shares at the record date determined by the Board of the Directors of the Company in proportion of twenty one bonus shares for ten existing fully paid equity shares (21:10), subject to necessary provisions & approvals.

Source : Equity Bulls

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