OM Metals to consider 100% FDI in company

OM Metals Infraprojects Ltd has announced that a meeting of the Board of Directors of the Company will be held on May 27, 2007, inter alia, to consider and if agreed, issue postal ballot notices to get the approval of shareholders to following issues:

1. To allow 100% FDI in the Company.

2. To sale / dispose of the shares held by the Company in JV Companies to a newly incorporated 100% subsidiary; (Section 293 (1) (a)).

3. To borrow moneys exceeding the aggregate of the paid-up capital of the Company and its free reserves but not more than Rs 500 crores; (Section 293 (1) (d)).

Source : Equity Bulls

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