EMCO Ltd approves increase in share capital

The Board of Directors of EMCO Ltd at its meeting held today 26.06.2017, has inter-alia, approved the increase in Authorized Share Capital from the Rs. 20 Cr to Rs. 75 Cr and alteration to the capital clause of the MOA.

The Board approved raising of funds up to an amount not exceeding Rs. 225 Cr by way of Rights Issue/ QIP and/or on preferential allotment basis, an issue any other Securities in one or more combination thereof.

The Board approved issue of equity shares up to an amount not exceeding Rs. 75 cr to lenders pursuant to conversion of existing loans.

The Board approved issue of OCD or any other mode of securities up to an aggregate amount not exceeding Rs. 300 crores to lenders pursuant to conversion of existing loans.

The Board also sought approval for availing loan with an option to convert into Equity Shares of the Company in furtherance of the proposed refinancing of the existing debt in terms of the S4A.

The Board approved proposal to convene an EOGM of on 01.08.2017, at 11:30 a.m.

Shares of EMCO LTD. was last trading in BSE at Rs.23.9 as compared to the previous close of Rs. 24.3. The total number of shares traded during the day was 42649 in over 184 trades.

The stock hit an intraday high of Rs. 24.6 and intraday low of 23.75. The net turnover during the day was Rs. 1021544.

Source : Equity Bulls

Keywords