IOL Broadband AGM approves preferential issue

IOL Broadband Ltd has announced that the members at the Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the following:

1. Issue of 16,00,000 Equity Shares of Ra l0/- each at a premium of Rs 79 per share on preferential basis.

2. Increase of authorized capital to Rs 50 crores and consequent changes in Memorandum of Association and Articles of Association of the Company.

3. Under sec. 81(1A) of the Companies Act, 1956 enabling the Board of Directors to allot through preferential allotment, etc, equity shares and / or equity shares through GDRs, ADRs and / or FCCBs Upto US$ 50 million.

4. Under sec. 81(1A) of the Companies Act, 1956 enabling the Board of Directors to offer, issue and allot on a preferential basis to Qualified institutional Buyers at a price not less than Rs 89/- as per Chapter XIII A of SEBI (DIP) Guidelines 2000.

5. Under sec. 293 (1) (d) of the Companies Act, 1956 enabling the Board of Directors to borrow upto Rs 250 crores.

6. Under sec. 293 (1) (a) of the Companies Act, 1956 enabling, the Board of Directors to mortgage and / or charge the whole or substantially the whole of the Company’s one or more undertakings in respect of loans, advances or other credit facilities not exceeding Rs 250 crores.

Source : Equity Bulls

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