Max India EGM approves increase in FII limit to 49%

Max India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 23, 2007 inter alia, have accorded to the following:

1. Authority to the Board to permit Foreign Institutional Investors (FIIs) registered with Securities and Exchange Board of India ('SEBI') to acquire and hold shares and / or convertible debentures / instruments convertible into shares of the Company upto, 49% of the paid up equity capital or paid-up value of each series of convertible debentures / instruments convertible into shares of the Company subject to the restriction that the total holding by each FII / SEBI approved sub-account of FII, shall not exceed 10% of the total paid-up equity capital or 10% of the paid-up value of each series of convertible debentures / instruments convertible into shares of the Company, as the case may be, or such limits as are or may be prescribed, from time to time, under applicable laws, rules and regulations, subject to necessary provisions & approvals.

2. Authority to the Board to offer, issue and allot, on such occasion or occasions, in one or more tranches, as may be determined by the Board, to Qualified Institutional Buyers (QIBs) as defined under Clause 2.2.2B(v) of SEBI (DIP) Guidelines, equity shares or any such instrument(s) or security(ies) (other than warrants) convertible into equity shares on such date as may be determined by the Board but not later than 60 months from the date of allotment ("Securities") to be subscribed on the basis of placement documents for an amount, which shall not in aggregate exceed Rs 1000,00,00,000/- at any one point of time ("QIB Issue), subject to necessary provisions & approvals.

Source : Equity Bulls

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