Adarsh Derivatives Ltd has informed that the Board of Directors of the Company at its meeting held on November 30, 2007, inter alia, has decided the following:
1. To consider and approved to increase the Authorised Share Capital of the Company from Rs 170000000/- (Rupees Seventeen Crore Only) to Rs 30,00,00,000/- (Rupees Thirty Crore only) by the creation of 1,30,00,000 (One Crore Thirty Lakh) equity shares of Rs 10/- (Rupees Ten Only) each & consequential amendment in the Memorandum and Articles of Association of the Company.
2. To create, issue, offer and allot equity shares / Convertible instruments, whether optionally or otherwise, with or without detachable warrants (securities) upto an aggregate amount of the Rs 85 crores (Rupees eighty five crores), for cash, at such premium as may be determined by the Board through public issue and / or rights issue and / or Qualified Institutional Placement or a combination thereof at such time of times and at such price whether a premium or discount to market price and on such terms and conditions including rate of interest etc., as may be decided by the Board of Directors at the time of the prevailing market conditions and any other relevant factors wherever necessary in consultation with the Merchant Bankers.
3. To consider for changing the name of the Company and following names short listed by the Board of Directors and change subject to approval from shareholders and central government and other applicable provision of the Law:-
- Vikas Granaries Ltd
- Vikas Ambrosia Ltd
- Vikas Organics Ltd
4. The Board has decided to hold an Extra Ordinary General Meeting of the shareholders on January 11, 2008 for aforementioned objectives.
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