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| Exchange Disseminated Time | S.A.L. Steel Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 01, 2011, inter alia, to transact the following:
1. To increase the Authorised Capital of the Company from Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores Only) divided into 11,00,00,000 (Eleven Crores) Equity shares of Rs.10/- each to Rs. 140,00,00,000/- (Rupees One Hundred Forty Crores Only) divided into 14,00,00,000 (Fourteen Crores) Equity shares of Rs.10/- each & consequential amendment in the Memorandum of Association of the Company.
2. To create, offer, issue and allot, in accordance with applicable guidelines/ regulations, as may be permissible in law, on preferential allotment basis upto 2,40,00,000 (Two crores Forty Lacs) Equity Shares of Rs. 10/- each for cash at par which is higher than the price arrived at in terms of the pricing guidelines of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 (including any amendments thereto) a on the relevant date considered while, arriving at the calculation of the price mentioned in the certificate issued by the Auditors, aggregating to Rs. 24,00,00,000 and 16,00,000 Warrants of Rs.100/- each aggregating to Rs.16,00,00,000 convertible into proportionate equity shares of Rs. 10 each at a price of Rs. 10/- per share which is higher than the price arrived at in terms of the pricing guidelines of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 (including any amendments thereto) convertible at any time on or before expiry of 18 months from the date of issue at one or more trenches at the option of the investors, to the promoters and strategic investors, subject to necessary provisions & approvals. |
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