Finolex Cables EGM approves stock split

Finolex Cables Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on December 08, 2006, inter alia, have accorded to the following:

1. Substitution of the existing Clause V of the Memorandum of Association of the Company by the following new Clause V and consequential amendments in the Articles of Association of the Company:

"V. The Authorised Share Capital of the Company is Rs 500,000,000 divided into 235,000,000 equity shares of Rs 2/- each and 3,000,000 Unclassified Shares of Rs 10/- each.

The Company shall have power to increase or reduce its capital or sub-divide the shares in its capital, for the time being, into shares of smaller denominations or to consolidate them into shares of larger denominations’ or to divide them into several classes of stock or shares and to attach thereto, respectively such preferential or special rights, privileges or conditions as may be determined by and in accordance with the Articles of Association of the Company."

2. Sub-division of the Authorised Share Capital of the Company comprising of 47,000,000 Equity Shares of face value of Rs 10/- each and 3,000,000 Unclassified Shares of the face value of Rs 10/- each aggregating to Rs 500,000,000/- into 235,000,000 Equity Shares of the face value of Rs 2/- each and 3,000,000 Unclassified Shares of the face value of Rs 10/- each, with effect from the Record Date to be determined by the Board, subject to necessary provisions and approvals.

Sub-division of the Issued, Subscribed and fully paid-up Equity Share Capital of the Company, comprising of 30,587,869 Equity Shares of Rs 10/- each fully paid aggregating to Rs 305,878,690/- into 152,939,345 Equity Shares of the face value of Rs 2/- each fully paid aggregating to Rs 305,878,690/- as on the Record Date that may be fixed for this purpose by the Board.

Source : Equity Bulls

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