IOL Broadband EGM approves preferential issue, enhancement of FII limit to 49%

IOL Broadband Ltd has announced that the members at the Extraordinary General Meeting (EGM) of the Company held on December 11, 2006, inter alia, have approved the following:

1. Issue of 7,00,000 Equity Share Warrants of Rs 10/- each at a premium of Re 85/- per share on preferential basis.

2. Increase of authorized share capital to Rs 70 crores and consequent changes in the Memorandum of Association and Articles of Association.

3. Enhancement of the limit for FII investment to 49% of the paid up equity share capital.

Source : Equity Bulls

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