Shree Rajasthan Syntex Ltd board approves fund raising through preferential issue

The Board of Directors of SHREE RAJASTHAN SYNTEX LIMITED in their meeting held today i.e. Saturday, 06th January, 2024 at 03:30 P.M. and concluded at 05:30 P.M. has considered and approved to increase in Authorized Share Capital of the Company upto Rs. 34,50,00,000/- (Rupees Thirty-Four Crores Fifty Lakhs only) by increasing Authorized Equity Share Capital by Rs. 2,50,00,000/- (Rupees Two Crores Fifty Lakhs only) and Consequent Alteration in the Capital Clause of the Memorandum of Association.

The board also considered and approved the fundraising via issuance of equity shares of the company through Preferential Issue i.e., to issue, offer and allot upto 1,43,10,000 (One Crore Forty-Three Lakhs Ten Thousand) Equity Shares of Rs. 10/- each through preferential basis as per following:

- Subject to the approval of Shareholders and such other regulatory authority as may be required, the Board of directors approved the issue of upto 74,50,000 (Seventy Four Lakhs Fifty Thousand) Equity Shares of Rs. 10/- each at a price which shall not be less than the minimum issue price as determined in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations"), for consideration in cash to Specified Allottees from Promoter Group and Non-Promoter category(collectively called the "Investors") on preferential basis in accordance with the provisions of Chapter V of the SEBI ICDR Regulations, in such manner and on such terms and conditions as determined by the Board in its absolute discretion in accordance with the SEBI ICDR Regulations and other applicable laws.

- Subject to the approval of Shareholders and such other regulatory authority as may be required, the Board of directors approved the issue of upto 68,60,000 (Sixty-Eight Lakhs Sixty Thousand) Equity Shares of Rs. 10/- each at a price which shall not be less than the minimum issue price as determined in accordance with Chapter V of the ICDR Regulations, to Promoter Group, by conversion of their existing unsecured loan into equity shares of the company on preferential basis in accordance with the provisions of Chapter V of the SEBI ICDR Regulations, in such manner and on such terms and conditions as determined by the Board in its absolute discretion in accordance with the SEBI ICDR Regulations and other applicable laws.

Source : Equity Bulls

Keywords

ShreeRajasthanSyntex FundRaising PreferentialIssue