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| Exchange Disseminated Time | SEL Manufacturing Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 19, 2011, inter alia, have subject to the approval of the members and other necessary regulatory approvals, wherever required, approved the following:
1. Increasing the Authorised Share Capital of the Company to Rs. 400.00 Crores from the present Authorised Share Capital of Rs. 250.00 Crores and also to make necessary amendments in the Memorandum of Association of the Company in this regard.
2. To raise finds for the Company by way of issue of securities, including Global Depositary Receipts (GDRs) and/or American Depositary Receipts (ADRs) convertible into equity shares, Foreign Currency Convertible Bonds (FCCBs), Qualified Institutions Placement ("QIP") under Chapter VIII of the SEBI ICDR Regulations or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants etc. convertible into equity shares, in one or more tranches, in Indian or Foreign Market(s) as applicable, whether optionally or otherwise or any combination thereof (hereinafter referred to as 'Securities') up to an aggregate amount not exceeding Rs. 1500.00 Crores (Rs. One Thousand Five Hundred Crores) only or any equivalent thereof in foreign currency.
3. Pursuant to the provisions of SEBI ICDR Regulations for Preferential Issues, and in supersession of the earlier resolution passed in this regard dated January 03, 2011, to issue upto 1.85 Crore warrants convertible into equity shares on preferential basis to the Promoters/Promoter Group of the Company.
4. Further the designation of Mr. Dhiraj Saluja has been changed from whole time Director to Joint Managing Director of the Company w.e.f. May 20, 2011. |
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