Associated Ceramics EGM approves increase in authorised share capital

Associated Ceramics Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 20, 2007, inter alia, have accorded to the following:

1. Increase in the Authorised Share Capital of the Company from Rs 4,00,00,000 divided into 30,25,000 Equity Shares of Rs 10/- each and 9,750 Preference Shares of Rs 1000/- each to Rs 5,00,00,000 divided into 30,25,000 Equity Shares of Rs 10/- each and 9,750 preference shares of Rs 1000/- each and 10000, 6% Non Cumulative Redeemable Preference Shares of Rs 100/- each by creation of 100000 new 6% Non Cumulative Redeemable Preference Shares of Rs 100/- each and that Clause V of the Memorandum of Association of the Company be altered accordingly.

2. Authority to the Board to offer, issue and allot upto 100000 6% Non Cumulative Redeemable Preference Shares of Rs 100/- each at a premium of Rs 400/- each for cash on terms and conditions and to the person(s) as they deem fit and proper and in such manner and on such terms as the Board may in its absolute discretion deem fit.

Source : Equity Bulls

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