Insul Electronics Ltd has informed that the Shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on November 10, 2007, inter alia, have accorded the following:
1. Approved increase in the Authorized share capital from the existing capital of Rs 6,00,00,000/ (Rupees Six Crores Only) divided into 60,00,000 Equity shares of Rs 10/- each to Rs 15,00,00,000/- (Rupees Fifteen Crores Only) divided into 1,37,50,000 (One Crore Thirty Seven Lakhs and Fifty Thousand) Equity Shares of Rs 10/- each and 12,50,000 (Twelve Lakhs and Fifty Thousand) Preference Shares of Rs 10/- each and subsequent amendments to the Memorandum and Articles of Association.
2. Approved alteration of Articles of Association of the Company empowering the Company to issue preference shares.
3. Consented, authorized and approved the Preferential Allotment to Kotak Mahindra Trusteeship Services Ltd A/c Kotak Alternate Opportunities (India) Fund and or its affiliates and nominees, the following securities subject to necessary provisions & approvals:
- 10,000 (Ten Thousand) Equity shares of Rs 10/- each at a price of Rs 1167/- per share.
- 11,90,000 (Eleven Lakhs and Ninety Thousand) Optionally Convertible Redeemable Preference Shares of Rs 10/- each at a price of Rs 1167/- per share.
4. Approved and authorized the increase in the borrowing limits of the Company upto Rs 500 crores.
5. Approved the change in name of the Company from Sunteck Realty & Infrastructure Ltd to Sunteck Realty Ltd and subsequent alteration to the Memorandum and Articles of Association.
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