Micro Technologies approves issue of securities, to increase FII limit

Micro Technologies India Ltd has announced that the Board of Directors of the Company at its meeting held on May 15, 2007, has discussed and approved the following business:

1. Approval of draft Business Agreement with Airtel for business partnership for Micro LMTS (Lost Mobile Tracking System).

2. Issue of QIPs / FCCB / ADRs / GDRs / Convertible Bonds etc for an amount not exceeding US$ 20 million.

3. Issue and allot equity shares on preferential allotment basis to investor(s), Promoters and Promoter Group up to Rs 35 crores.

4. Increase the Authorised Capital of the Company to Rs 16 Crores.

5. Investment in the Equity Shares of the Company by Foreign Institutional Investors (FIIs) including their sub-accounts registered with the Securities and Exchange Board of India (SEBI) up to an aggregate limit of 49% of the paid-up Equity Share Capital of the Company or upto such other limit as may be permitted by law.

6. Increase in the Borrowing limits of the Company to Rs 150 Crores.

7. To create such charges, mortgages, hypothecations etc. on Company's property as may be necessary up to a limit of Rs 150 crores.

8. To call for Extra Ordinary General Meeting of the Company on June 23, 2007.

Source : Equity Bulls

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