CCS Infotech EGM approves issue of shares to QIPs

CCS Infotech Ltd has announced that the shareholders at the Extra-Ordinary General Meeting (EGM) of the Company held on September 01, 2006, inter alia, have accorded the following:

1. Issue of Securities by way of Qualified Institutions Placement to Qualified Institutional buyers an aggregate number of equity shares or receipts or instruments equivalent to Rs 40.00 crore subject to necessary approval as may be necessary.

2. Authority to Board to borrow in excess of the Paid up capital and free reserves provided that the total amount so borrowed by the Board including outstanding at any time shall not exceed Rs 100.00 crore.

3. Authority to Board to sale, deal, lease or dispose off or the creation by or on behalf of the company of such fixed or floating charge lien, mortgage, pledge or other encumbrance over the whole or any part of the undertaking, property or assets of the company in favour of the existing and future lenders including banks, financial institution and other person / bodies corporate on all or any of the immovable and / or movable properties of the company both present and future of every nature and kind to secure the current and future borrowing upto an aggregate amount of Rs 100.00 crore (excluding overdraft / cash credit and similar facilities from bankers) of the company.

Source : Equity Bulls

Keywords