Tata Consultancy Services Ltd (TCS) has informed that the Board of Directors of the Company at its meeting held on January 16, 2008, has approved of a proposal to issue and allot non-convertible redeemable preference shares upto an aggregate nominal value of Rs 100 crores (Rupees One Hundred Crore) to the promoters of the Company, Tata Sons Ltd, subject to the approval of shareholders. The exact terms and conditions of the preference shares shall be decided by a Committee of the Board of Directors.
Accordingly, the Board has also proposed to amend the Memorandum and Articles of Association of the Company to amend and increase the authorised capital of the Company as also to insert the terms of the preference shares in the Articles of Association. The approval of the shareholders for the aforesaid issue of preference shares is sought to be taken by postal ballot.
Accordingly, the Board has also proposed to amend the Memorandum and Articles of Association of the Company to amend and increase the authorised capital of the Company as also to insert the terms of the preference shares in the Articles of Association. The approval of the shareholders for the aforesaid issue of preference shares is sought to be taken by postal ballot.
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