Spanco Limited has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 23, 2009, inter alia, have accorded the following:
1. Authority to the Board to offer, issue and allot upto 1,00,00,000 equity shares of Rs 10/- each on preferential basis with a revised price of Rs 40/- per share. The Members of the Company have passed a special resolution under Section 81(1A) of the Companies Act, 1956 and authorized the Board to offer, issue and allot upto 1,00,00,000 (One Crore) fully paid up equity shares of Rs 10/- each of the Company, for cash, at a revised subscription price of Rs 40/- (Rupees Forty Only) per equity share (including share premium of Rs 30/- per equity share) to the Promoters and other Institutional Investors, on preferential basis, in terms of SEBI (DIP) Guidelines, 2000 as against the proposed price of Rs 35/- (Rupees Thirty Five only) per equity share as mentioned in the Resolution number 1 to the notice dated April 23, 2009.
2. Increase in the limit of Investment by FIIs in the Shares Capital of Company The Members of the Company have passed a special resolution increasing the investment limit by Foreign Institutional Investors (FIIs) in the share capital of the Company upto 49% of the total paid up Capital of the Company.
1. Authority to the Board to offer, issue and allot upto 1,00,00,000 equity shares of Rs 10/- each on preferential basis with a revised price of Rs 40/- per share. The Members of the Company have passed a special resolution under Section 81(1A) of the Companies Act, 1956 and authorized the Board to offer, issue and allot upto 1,00,00,000 (One Crore) fully paid up equity shares of Rs 10/- each of the Company, for cash, at a revised subscription price of Rs 40/- (Rupees Forty Only) per equity share (including share premium of Rs 30/- per equity share) to the Promoters and other Institutional Investors, on preferential basis, in terms of SEBI (DIP) Guidelines, 2000 as against the proposed price of Rs 35/- (Rupees Thirty Five only) per equity share as mentioned in the Resolution number 1 to the notice dated April 23, 2009.
2. Increase in the limit of Investment by FIIs in the Shares Capital of Company The Members of the Company have passed a special resolution increasing the investment limit by Foreign Institutional Investors (FIIs) in the share capital of the Company upto 49% of the total paid up Capital of the Company.
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