The Board of Directors of Sparc Systems Limited has approved the increase in Authorised Capital of the Company upto Rs.20 crores and to alter memorandum of Association of the Company to that effect subject to member's approval.
The board also approved the proposal for issuance of equity shares of face value of Rs. 10.00/- (Indian Rupees Ten Only) for an amount not exceeding Rs. 15,00,00,000/- (Indian Rupees Fifteen Crore Only) through a Rights Issue, to the eligible equity shareholders of the Company as on Record date (to be notified subsequently).
The board also approved the constitution of the Rights Issue committee to proceed with the Rights issue and decide the other terms and conditions of the Rights Issue, including deciding on the record date, determining the rights issue price, rights entitlement ratio, appointment of intermediaries and other related matters.