Flex Industries seeks EGM approval for fund mobilization proposal

Flex Industries Ltd has announced that the Board of Directors of the Company at its meeting held on December 27, 2006, has approved the Company's proposal for mobilization of funds by issue of equity related instruments, Global Depository Receipts / Shares, American Depository Receipts / Shares, Foreign Currency Convertible Bonds subject to the necessary approvals as may be required in this behalf upto a sum of US$ 250 million approximately equivalent to Rs 11,250 million in one or more tranches, the first being of USD 85 million approximately equivalent to Rs 3825 million, whether with or without an option to subscribe for additional securities.

Further, the Board of Directors has approved the Company's proposal for issue of Warrants on preferential basis upto a maximum of 1,03,00,000 warrants to Promoters and others in one or more tranches at a price as may be decided by the Board of Directors but not less than the price calculated as per SEBI guidelines for preferential issues.

An Extraordinary General Meeting of members of the Company has been fixed on January 27, 2007.

Source : Equity Bulls

Keywords