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| Exchange Disseminated Time | McNally Bharat Engineering Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 30, 2015, has decided;-
1. To sign an Investment agreement with EMC limited, pursuant to which EMC limited will join in the management of the Company through its two nominated Director namely Mr. Manoj Toshniwal and Mr. Manish Agarwal along with existing promoter group. However, the final appointment of Directors will be made in complying with the Rules and Regulation of the Companies Act, 2013 and other statutory Authorities, including SEBI.
2. To issue Equity Shares of the Company of face value of Rs. 10/- each for cash at an issue price of Rs. 100 per equity share (including a premium of Rs. 90/- per equity share), aggregating upto Rs. 1,000,000,000 (Rupees One Hundred Crores only) to the following entities on a preferential basis, subject to approval of the Shareholders in an Extra Ordinary General Meeting and other Regulatory approval, if any
3. To consider for the proposal to raise further resources in one or more tranche by way of fresh issue of Equity Shares / Equity Linked Instruments / Convertible Debentures / Equity Share Warrants / Convertible Instrument etc. or any combination thereof upto a total amount of Rs. 200 crores to Promoters, Domestic Investors, Qualified Institutional Buyers, FIIs, NRIs & Corporate Bodies etc. on FPO / Rights / Preferential - Private Placement basis or any other suitable mechanism to meet the working capital requirements, long term capital requirement & other purposes subject to the approval of the Shareholders of the Company.
4. To amend the Articles of Association subject to the approval of the members and subject to fulfillment of certain conditions precedent to the allotment of the Subscription Shares including the statutory approvals and changes suggested and / or conditions imposed by any governmental authority.
5. To hold an Extra Ordinary General Meeting of the Company for the above purposes will be held at Auditorium, Club Eco Vista, Ecospace Business Park, Plot No: 2-F/11, New Town, Rajarhat, 24 Parganas (North), Kolkata: 700160 on Thursday, July 30, 2015 at 11.30 am.
6. Since the proposed preferential allotment will also trigger the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, the Company shall henceforth comply with such of its provisions as are required to be complied with by the Company. |
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