Insul Electronics Ltd has informed that the Board of Directors of the Company at its meeting held on October 16, 2007 have approved the following; subject to the approval of the shareholders and other regulatory authorities as is required to be obtained as per the applicable laws:
1. Increase in authorized share capital from Rs 6,00,00,000 divided into 60,00,000 equity shares of Rs 10 each to Rs 15,00,00,000 divided into 1,37,50,000 Equity shares and 12,50,000 Preference shares of Rs 10/- each and consequent changes in the Memorandum and Articles of Association.
2. Alteration of Articles of Association of the Company empowering the Company to issue preference shares.
3. Issuance of the under mentioned securities on Preferential basis to Kotak Mahindra trusteeship Services Ltd - A/c Kotak Alternate Opportunities (India) Fund and or its affiliates and nominees:
- 10,000 Equity shares of Rs 10/- each at a price of Rs 1167/- per share.
- 11,90,000 Optionally Convertible Redeemable Preference Shares of Rs 10/- each at a price of Rs 1167/- per share.
4. The board deferred the matter of change of name of the company.
5. Authorization to the Board to increase the borrowing limits upto Rs 500 crores.
The Board approved the draft notice for calling an Extra Ordinary General meeting of the shareholders on November 10, 2007 to obtain approval of the shareholders on the aforesaid.
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