|
| Exchange Disseminated Time | Gangotri Textiles Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 16, 2009, inter alia, have accorded to the following:
1. Amendment in Clause V of the Memorandum of Association to read as under :
"V. The Authorised Capital of the Company shall be Rs 100 crores (Rupees one hundred crores) comprising of 6,00,00,000 Equity Shares of Rs 5/- each and 70,00,000, 6.5 % Redeemable Cumulative Preference Shares of Rs 100/- each with a right on the part of the Company to increase or decrease the Authorised Capital or to further amend or change the nominal value of each share."
2. Amendment in Clause 2(a) of the Articles of Association of the Company to read as under :
"V. The Authorised Capital of the Company shall be Rs 100 crores (Rupees one hundred crores) comprising of 6,00,00,000 Equity Shares of Rs 5.00 each and 70,00,000, 6.5 % Redeemable Cumulative Preference Shares of Rs 100/- each with a right on the part of the Company to increase or decrease the Authorised Capital or to further amend or change the nominal value of each share."
3. Authority to the Board to issue and allot
(a) Equity Share Capital for an aggregate sum of Rs 5.00 crores (Rupees Five crores only) at a price to be worked out as per SEBI Guidelines.
(b) 6.5 % Redeemable Cumulative Preference Shares for an aggregate sum of Rs 70.00 crores (Rupees Seventy crores only) at par, redeemable 1/3 at the end of 8th year, another 1/3rd at the end of 9th year, and the final 1/3rd at the end of 10th year on a preferential basis to any person, whether or not such persons are existing shareholders by conversion of a sum of Rs 75.00 crores (Rupees Seventy five crores only) from out of loans outstanding to such persons
(c) Equity Share Capital for an aggregate sum of Rs 7.20 crores (Rupees Seventy crores and Twenty lakhs only,) at a price to be worked out as per SEBI Guidelines
by way of conversion of existing Unsecured loans, from the Promoters / Associates in to Equity in terms of the approved Corporate Debt Restructuring Scheme, subject to necessary provisions and approvals.
|
|
|