Bartronics India EGM approves fund raising proposal

Bartronics India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on April 19, 2007, inter alia, have accorded to the following:

1. Increase in the Authorized Share Capital of the Company from Rs 30,00,00,000/- divided into 3,00,00,000 Equity Shares of Rs 10/- each to Rs 40,00,00,000 divided into 4,00,00,000 Equity Shares of Rs 10/- each by further creation of 1,00,00,000 Equity Shares of Rs 10/- each and consequential amendments in the Memorandum of Association of the Company.

2. Authority to the Board of Directors to issue, offer and allot in international offerings any security including, Global Depository Receipts (GDRs) and / or American Depositary Receipts (ADRs) convertible into equity shares, foreign currency convertible bonds (FCCBs), warrants, convertible into depositary receipts with underlying equity shares / equity shares ("Securities") for an aggregate sum of up to US$ 40 million or equivalent in Indian / or any other currency(ies) with such premium as may be appropriate, directly to foreign / non-resident investors (where the institutions, bodies-corporate, mutual funds, trusts, foreign institutional investors, banks and / or individuals or otherwise and whether or not such investors are members, promoters, directors or their relatives / associates, of the Company) without first offering to the existing shareholders, through public issues, private placements or a combination thereof at such time or times in such tranche or tranches at such price or prices, at such premium as may be appropriate to market price or prices in such manner and on such terms and conditions as may be decided by the board, wherever necessary in consultation with the lead managers, underwriters, advisors or through the subsidiaries, including by way of the initial public offer in Euro, US or other countries, so as to enable the Company to get listed at any stock exchanges in India and / or outside India, subject to necessary provisions & approvals.

The stock closed the day at Rs.123.90, down by Rs.2.80 or 2.21%. The stock hit an intraday high of Rs.132 and low of Rs.121. The total traded quantity was 281292 compared to 2 week average of 35164.

Source : Equity Bulls

Keywords