Southern Iron to increase capital, issue shares

Southern Iron & Steel Company Ltd has announced that the Board of Directors of the Company at its meeting held on June 11, 2007, inter alia, has decided to convene a shareholders meeting on July 19, 2007, to get the approval for the following purposes:

1. Increase in Authorised Share Capital.

2. Amending the Memorandum and Articles of Association.

3. Increasing the Borrowing Power; and

4. conversion of balance Optionally Convertible Loan

(a) into equity at a face value of Rs 10, at a premium of Rs 52 each and / or

(b) into 10% Cumulative Convertible Preference Shares of Re 1 each with an option to convert into equity.

Source : Equity Bulls

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