Federal-Mogul Goetze (India) Ltd has informed that the Board of Directors of the Company at its meeting held on August 14, 2007, inter alia, has taken the following decisions:
1. Subject to the approval of regulatory authorities, if any, the Board of Directors has revised the price band of the rights issue, from the earlier announced band of Rs 180 to Rs 215 per fully paid-up equity share of Rs 10 each to Rs 145 to Rs 170 per fully paid-up equity share of Rs 10 each. The revised price band includes a premium of Rs 135 to Rs 160 per equity share, The aggregate size of the rights issue remains unchanged upto Rs 110 Crores. Further the board has authorized rights issue committee to fix the final issue price, within the revised band, and consequently the rights ratio, any time before fixation of the record date for the rights issue. The Board of Directors has also authorized rights issue committee to fix the record date for the rights issue, in consultation with the Bombay Stock Exchange, which is the designated stock exchange for the rights issue.
2. In view of the observations issued by SEBI on the draft letter of offer vide its letter dated July 27, 2007, the Board of Directors has also approved and adopted the revised letter of offer for rights issue and has further authorized Mr. Arun Anand Vice Chairman, Managing Director & CEO and Mr. Rajan Luthra, Financial Controller & Company Secretary and Compliance Officer to carry out such changes / corrections / alterations as may be deem necessary for the purpose and to do all such acts, deeds, matters and things that they may in their absolute discretion consider necessary, proper and expedient for the purposes of the rights issue.
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