Tricom India Ltd to raise funds

The Board of Directors of Tricom India Ltd at its meeting held on September 03, 2013, has taken up the reclassification of the Authorized Share Capital of the Company from Rs. 20,00,00,000/- (Rupees Twenty Crores Only) comprising of 8,75,00,000 (Eight Crore Seventy Five Lacs) Equity Shares of Rs. 2/- each and 2,50,000 (Two Lacs Fifty Thousand) Preference Shares of Rs. 100/- to 2,50,000 (Two Lacs Fifty Thousand) Preference Shares of Rs. 100/- each into 1,25,00,000 (One Crore Twenty Five Lacs) Equity Shares of Rs. 2/- each thereby adding the 1,25,00,000 (One Crore Twenty five Lacs) Equity Shares of Rs. 2/- each of Equity Shares in the Authorised Capital from 8,75,00,000 (Eight Crores Seventy Five Lacs) Equity Shares of Rs. 2/- each aggregating to 10,00,00,000 (Ten Crores) Equity Shares of Rs. 2/- each without increasing or decreasing the aggregate amount thereof.

The Board approved increase in Authorised Capital of the Company from Rs. 20,00,00,000/- (Rupees Twenty Crores Only) divided into 10,00,00,000 (Ten Crores) Equity Shares of Rs. 2/- each to Rs. 40,00,00,000 (Rupees Forty Crores) divided into 20,00,00,000 (Twenty Crores) Equity Shares of Rs. 2/- each by creation of additional 10,00,00,000 (Ten Crores) Equity Shares of Rs. 2/- each ranking pari - passu with the existing Equity Shares.

The Board has approved an enabling resolution for raising resources by various modes like ADR, GDR, FCCB, QIP, Right Issue etc. subject to the approval of the shareholders of the Company under Section 81(1A) of the Companies Act, 1956 in the ensuing Annual General Meeting.

Shares of Tricom India Ltd last traded in BSE at Rs.1.56. The stock hit an intraday high of Rs.1.56 and low of Rs.1.56.

The total traded quantity was 3100 compared to 2 week average of 6897.

Source : Equity Bulls

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