Grabal Alok EGM to raise funds upto USD 40 million

Grabal Alok Impex Ltd has announced that an Extra Ordinary General Meeting (EGM) of the Company held on December 22, 2006, and the Chairman read out the Report submitted by the Scrutinizer and mentioned that the members have approved the following two Special Resolutions mentioned in the Postal Ballot Notice dated 17 November 2006, with requisite majority;

1. Raising of funds upto USD 40 million by way of FCCBs / any other similar instruments or combinations thereof.

2. (a) Increasing the Authorised Share Capital from Rs 34.00 crores to Rs 40.00 crores by creation of 60,00,000 Equity Shares of Rs 10/- each, ranking pari passu with existing shares in the Company in all respects.

(b) Re-conversion of the part un-issued 70,00,000 Authorized Preference Shares of Rs 10/- each into 70,00,000 Authorized Equity Shares of Rs 10/- each, ranking pari passu with existing shares in the Company in all respects.

(c) Amendment to the Memorandum and Articles of Association of the Company consequent to the further increase and re-classification / re-conversion of present Authorized Share Capital of the Company.

Source : Equity Bulls

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