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| Exchange Disseminated Time | Maral Overseas Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 28, 2009, inter alia, has transacted the following:
1. Proposed to offer, issue and allot upto 1,97,50,000 Equity Shares of Rs 10/- each on preferential basis, to M/s. Agarwal Trademart Pvt. Ltd, a part of promoter group, at price of Rs 10/- per share pursuant to conversion of unsecured loan of an amount aggregating to Rs 1975 Lacs, as a part of Corporate Debt Restructuring (CDR) package approved by CDR Cell, subject to approval of the Shareholders in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 for Preferential Issues as in force and subject to other regulatory approvals if any.
Further note that the above preferential issue is also subject to approval of SEBI Takeover panel and if approval from SEBI takeover panel is granted to M/s. Agarwal Trademart Pvt. Ltd, then the Company will allot the Equity Shares to M/s. Agarwal Trademart Pvt. Ltd and will withdraw the Right Issue announced earlier. The Board have also taken on record exemption application being made to Takeover Panel of SEBI by one of its promoter and proposed allottees to preferential issue i.e. Agarwal Trademart Pvt. Ltd.
2. Further, the Board has also, subject to approval of the Shareholders, decided to issue upto 20,00,000 Cumulative Redeemable Preference Shares of Rs 100/- each to the Banks and Institutions pursuant to Corporate Debt Restructuring package approved by CDR Cell.
3. Further the Board also, subject to approval of the Shareholders, decided to increase the Authorised Capital from Rs 55.00 Crores to Rs 75.00 Crores.
4. The Board has also, subject to approval of the Shareholders, decided to insert the Article no. 7A pertaining to issue of redeemable preference shares.
All these matters are subject to the approval of the Shareholders in Extra Ordinary General Meeting and the same is convened on August 26, 2009 for the approval of the shareholders. |
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