Denis Chem Lab Limited approves rights issue

The Board of Directors of Denis Chem Lab Limited in their meeting held today have considered the matter and have decided to obtain approval of the Members to increase its Authorised Share Capital from Rs. 13 crores to Rs. 16 crores.

the Board also decided to obtain approval of the Members for adoption of new set of Articles of Association of the Company.

The Board decided to raise funds upto an aggregate value not exceeding Rs. 20 Crore, subject to receipt of necessary approvals from statutory authorities, as applicable, by way of issue of equity shares of the Company to its eligible shareholders on a rights basis ('Rights Issue') in accordance with the applicable provisions of Companies Act, 2013, SEBI (ICDR) Reg, 2009 and other applicable laws.

The Board approved proposal to form a Committee of Directors to decide matters relating to the Rights Issue ('Rights Issue Committee')

The Board also approved proposal to convene Extra Ordinary General Meeting of the Members of the Company on Saturday, the 20th May, 2017.

Source : Equity Bulls

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