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| Exchange Disseminated Time | Prime Urban Development India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 10, 2013, has approved the following:
1. Approved the proposal to raise funds by issuing 39,00,000 (Thirty Nine Lacs) Convertible Warrants on Preferential Basis to the Promoters/Promoter Group of the Company, at an exercise price of Rs. 5/- per share or at such higher price as may be determined in accordance with chapter VII of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2009 and subsequent amendments thereto [“SEBI (ICDR) Regulations, 2009”], section 81(1A) of the Companies Act, 1956, subject to in-principle approval of Stock Exchange in compliance of the Listing Agreement and also approval of the Shareholders through Postal Ballot Mechanism as required under Section 192A of the Companies Act, 1956.
2. Approved the draft copy of Notice to be sent to the Shareholders of the Company for their approval pursuant to Section 192A of the Companies Act, 1956 along with the Explanatory Statement, Postal Ballot Form, Calendar of Events and Newspaper Advertisement as placed before the Board.
3. Approved the appointment of Mr.S. Rengasamy, a Practicing Company Secretary, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
4. Authorised Mr. S Udayananda, to act as the Compliance Officer for the purpose of the issue of Warrants on Preferential Basis in accordance with the relevant provisions of the SEBI (ICDR) Regulations, 2009 and Companies Act, 1956.
5. Authorised Mr. Purushottam Das Patodia, Chairman & Managing Director and /or Mr. Manoj Kumar Patodia, Vice Chairman and Managing Director, to issue notice for Postal Ballot under their signatures to the shareholders and all other persons entitled to receive the same and to do all such acts, matters, deeds and things, as may be required in connection with the Postal Ballot including making of necessary application to the BSE for granting in-principle approval as and when they deem fit. |
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