Jai Balaji Sponge seeks EGM approval for fund raising proposal

Jai Balaji Sponge Ltd has announced that the Board of Directors of the Company at its meeting held on March 16, 2007, has decided to convene an Extra Ordinary General Meeting (EGM) on April 12, 2007, to obtain the consent of the Shareholders, amongst others, for issue of any securities including Foreign Currency Convertible Bonds (FCCBs)/ Foreign Currency Convertible Notes (FCCNs) / Global Depository Receipts (GDRs) and / or American Depository Receipts (ADRs), Secured Premium Notes (SPNs) and / or any Other Financial Instruments (OFIs) convertible into equity shares at the option of the Company and / or holders of the securities for an aggregate sum upto US$ 50 million to the foreign / domestic investors / institutions and / or corporate bodies / entities including mutual funds, banks, insurance Companies, qualified institutional buyers and / or individuals or otherwise, whether or not such persons / entities / investors are the Members of the Company through public issues, rights, private placement(s) or a combination thereof or by any other means / mechanism of issue of capital and to enable the company to get listed such issue of further capital at any Stock Exchange in India or any of the Overseas Stock Exchanges as may be required by the applicable news.

Source : Equity Bulls

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