Bemco Hydraulics EGM approves issue of shares on rights basis, preferential issue

Bemco Hydraulics Ltd has announced that the members / shareholders of the Company at its Extra-ordinary General Meeting held on March 19, 2007, inter alia, have accorded to the following:

1. Special resolution to cancels, revokes and rescinds the special resolution passed under Section 81 of the Companies Act 1956, in the Extra Ordinary General Meeting held December 05, 2006 authorizing the Board to issue the 12,93,400/- Equity shares of Rs 10/- each for cash at par on Right Basis.

2. Authority to the Board to create, issue, offer and allot on preferential basis, at its soles and absolute discretion, 8,00,000 Equity Shares of Rs 10/- each at a price of Rs 15.25/- per equity share (including a premium of Rs 5.25 per share) calculated as per SEBI Preferential Issue Guidelines with February 17, 2007 as the reference date, of an amount in aggregate not exceeding Rs 1,22,00,000 calculated as per SEBI Preferential Issue Guidelines to the following members of the Promoter Group, subject to necessary provisions & approvals:

a. Mr. M M Mohta: 40,000 equity shares
b. Mr. Anirudh Mohta: 40,000 equity shares
c. Mrs. Urmila Devi Mohta: 1,00,000 equity shares
d. Sri. Ramchandra Enterprises Pvt Ltd: 1,20,000 equity shares
e. U D Finnvest Pvt Ltd: 1,25,000 equity shares
f. Amarshakti Finvest & Credit Pvt Ltd: 1,75,000 equity shares
g. Mohta Capital Pvt Ltd: 2,00,000 equity shares

Source : Equity Bulls

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