Frontier Leasing & Finance Ltd seeks EGM approval for fund raising

The Board of Directors of Frontier Leasing & Finance Ltd at its meeting held on November 16, 2013, has considered and approved to reclassify 2,00,00,000 equity shares being the present Authorised Share Capital of the Company into 1,00,00,000 Equity Shares of Rs. 10/- each and 1,00,000 Preference Shares of Rs. 1000/- each and accordingly to alter the Memorandum and Articles of Association of the Company, subject to the approval of the shareholders of the Company.

The Board considered and approved the proposal to raise funds upto Rs. 10 Crores by issue of Non - Convertible Redeemable Preference Shares to M/s. Inimitable Capital Finance Private Limited on preferential basis, subject to the approval of the shareholders of the Company.

The Board has also decided to seek approval of the shareholders of the Company in the Extra-Ordinary General Meeting of the Company scheduled to be held on December 05, 2013.

Shares of Frontier Leasing & Finance Ltd was last trading in BSE at Rs.5.98, up by Rs.0.11 or 1.87%. The stock hit an intraday high of Rs.5.98 and low of Rs.5.98.

The total traded quantity was 1 as compared to 2 week average of 1.

Source : Equity Bulls

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