CHD Developers Updates on Outcome of EGM

CHD Developers Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 24, 2007, inter alia, have also accorded to the following:

1. The borrowing from time to time any sum or sums of money which already borrowed by the Company (apart from temporary loans obtained from the bankers of the Company in the ordinary course of business) shall not exceed in the aggregate at any one time Rs 1000 Crores irrespective of the fact that such aggregate amount of borrowing outstanding at any one time may exceed the aggregate, for time being, of the paid up capital of the Company and its free reserves that is to say, reserves not set apart for any specific purpose.

2. Authority to the Board to create, offer, issue and allot at any time to or for the benefit of such person(s) who are in the permanent employment of the Company including the Directors of the Company, as may be decided solely by the Board under the scheme titled 'Employees Stock Option Plan ('the ESOP' or 'the scheme') such number of equity shares and / or equity linked instruments (including options) and / or any other instrument or securities of the Company which would give rise to the issue of the equity shares not exceeding 25,00,000 in number as on at such price, in the manner, during such period in one or two trenches and on such other terms and conditions as the Board may decides in accordance with the regulations or the other provisions of the law as may be prevailing at the relevant time, subject to necessary provisions & approvals.

3. Authority to the Board to issue and allotment, in the course of international offerings in the foreign markets any securities including Equity Shares, Global Depository Receipt, American Depository Receipts, Foreign Currency Convertible Bond, Convertible Debentures, Euro-Convertible Bonds, or any other convertible securities whether secured or unsecured to Foreign Investors, Non-residents, Foreign Institutional Investors, Foreign Companies, NRI(s), Foreign Nationals, Banks, Mutual Funds, or such other persons or entities as may be decided by the Board of Directors, whether or not such persons / entities / investors are Members of the Company, through Prospectus, Letter of Offer, Circulars to Public and / or such other mode or manner or on private placement basis and in one or more trenches as may be deemed appropriate by the Board on such term and conditions as the Board may at its absolute discretion deem fit for an amount not exceeding US $ 20 million or equivalent amount thereof, at such price as may be determined and accepted by the Board accordance with applicable rules / regulations / guidelines, if any, for the time being in force, subject to necessary provisions & approvals.

Further to issue and allot such number of underlying equity shares of Rs 2/- each as may be required to be issued and allotted upon conversion of such securities in accordance with the terms of offering.

Source : Equity Bulls

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