Global Broadcast Board approves fund raising proposals

Global Broadcast News Ltd has announced that the Board of Directors of the Company at its meeting held on April 21, 2007, inter alia, has approved the following:

1. Raising capital up to USD 200 million by way of international offerings.

2. Increasing the borrowing limits pursuant to Section 293(1)(d) of the Companies Act, 1956 up to Rs 1500 crores.

3. Mortgage / hypothecate / create charge on the moveable and immoveable properties of the Company pursuant to Section 293(1)(a) of the Companies Act, 1956 up to Rs 1500 crores.

4. Making Inter - Corporate Loans / Investments / Guarantees in other group Companies up to Rs 150 crores.

5. Introducing an ESOP / ESPP Scheme for its employees constituting 15,00,000 Equity Shares of the Company.

6. Taking the approval from the shareholders for all the aforesaid matters through Postal Ballot pursuant to Section 192A of the Companies Act, 1956.

The stock was trading at Rs.583, up by Rs.24.15 or 4.32%. The stock hit an intraday high of Rs.591.10 and low of Rs.558. The total traded quantity was 360943 shares compared to 2 week average of 338237.

Source : Equity Bulls

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