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| Exchange Disseminated Time | SAL Steel Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 13, 2005, inter alia, has decided and take the following decision unanimously :
1. To give the preferential allotment of Equity Shares of 5% to the Promoters as per the SEBI Guidelines subject to the approval of the Shareholders in the Extraordinary General Meeting.
2. To issue warrants off 5% of the capital to the promoter Shri. Rajendra V Shah as per the SEBI Guidelines and subject to the approval of Shareholders in the Extraordinary General Meeting.
3. Discussed the Agenda for the Foreign Currency Convertible Bonds (FCCBs) and ADR / GDR and after long and detailed discussion, the Board has at present decided to defer this Agendas and no decisions have been taken at present and therefore the company is not providing any Broad Terms of the said Agendas which shall be decided in the another meeting after giving advance notice.
4. Approved the Expansion Project of around Rs 18000 million at the existing site at Gandhidham by adding additional 2 phases of Phase III & Phase IV in the existing project. The Board has also approved the financial Tie-up with various institutions, Bankers etc. of around Rs 11000 million. The Board has proposed for adding One Million Ton of Steel Melting capacity under these expansion project.
5. Proposed and approved for increase of Authorised Share Capital from Rs 950 million to Rs 1000 million subject to the approval by the Shareholders in their proposed Extraordinary General Meeting of the Company.
6. To hold the Extraordinary General Meeting for approval of the Shareholders on above matters to be held October 22, 2005. |
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