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| Exchange Disseminated Time | Ankit Metal & Power Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 24, 2008, inter alia, has approved and decided the following:
1. Increase in the borrowing powers of the Company to Rs 1000 crores.
2. To offer, issue and allot in one or more tranches through public or private offerings in international markets, through prospectus and / or offer letter or other permissible / requisite offer document, FCCBs, GDRs and / or ADRs convertible into Equity Shares at the option of the Company and / or holders of the Security subscribed to in Foreign Currency, by Non Resident Investors up to an aggregate amount not exceeding USD 300 million or equivalent amount in Indian or any other currency, subject to necessary provisions & approvals.
3. To issue 5200000 Warrants which are convertible into equity shares on preferential basis to the persons belonging to the Promoter group and / or strategic Investors belonging to the Non Promoter group in compliance with the Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000.
4. Increase in Authorised Share Capital of the Company from Rs 35 Crores to Rs 60 Crores and Alteration of Memorandum and Articles of Association for the same.
5. Increase in the limit of investment by Foreign Institutional Investors in the Company from 24% to 74%.
6. The Board has also considered & approved expansion of it's operation with a Rs 1000 Crore plus project. This will include Palletisation plant, Mini Blast Furnaces, Mild & Alloy Steel, Structural Steel and also Captive Power Plant etc. The Company has already taken more than 100 Acres of land at it's existing plant site Jorehira in West Bengal. The Company intends to enter into MOU with the state government for this investment in the West Bengal. This expansion will come into two phases, and the fund requirement will be planned accordingly.
7. To convene an Extra Ordinary General Meeting of the shareholders of the Company on March 01, 2008 for obtaining their approval to the above matters & other matters incidental thereto. |
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