Syncom Formulations India Ltd has informed that the Board of Directors of the Company at its meeting held on February 15, 2008, inter alia, to meet out the requirement of long term financial resources for working capital needs the following decisions were taken:
1. Subject to the approval of members of the Company pursuant to the provisions of section 81(1A) of the Companies Act, 1956 and SEBI (DIP) Guidelines, issuance of the following securities:
a. 3,10,000 (Three Lacs Ten Thousand only) Equity shares of Rs 10/- (Rs Ten only) each of at a premium of Rs 36/- (Rs Thirty Six only) per share aggregating Rs 142.60 Lacs to the promoter of the Company on preferential basis.
b. 3,25,000 (Thirty Lacs Twenty Five Thousand only) Warrants of Rs 46/- each convertible into one Equity Shares of Rs 10/- (Rs Ten only) each of at a premium of Rs 36/- (Rs Thirty Six Only) per share aggregating Rs 149.50 Lacs to the person acting in concert with the promoter Company on preferential basis with option to the subscribers to get equity shares upon exercise of option in single or more than one trench within a period of 18 months from the date of allotment of warrants.
2. Subject to approval of members to increase the authorized share capital of the Company from Rs 600.00 Lacs to Rs 1000.00 Lacs by creation of 40,00,000 new equity shares of Rs 10/- each and to make necessary amendments in the Memorandum & Articles of the Company to that effect.
3. Approval for amendment in the Articles of Association for insertion of clauses relating to authority to the Board for Issuance of warrants convertible into equity shares of the Company.
4. Approved the notice of the Extra Ordinary General Meeting to be held on March 10, 2008 for seeking necessary consent from the members as required under section 81(1A) of the Companies Act, 1956, issuance of Equity Shares and warrants on preferential basis and increase in the authorized share capital and amendment in the Memorandum & Articles to that effect.
1. Subject to the approval of members of the Company pursuant to the provisions of section 81(1A) of the Companies Act, 1956 and SEBI (DIP) Guidelines, issuance of the following securities:
a. 3,10,000 (Three Lacs Ten Thousand only) Equity shares of Rs 10/- (Rs Ten only) each of at a premium of Rs 36/- (Rs Thirty Six only) per share aggregating Rs 142.60 Lacs to the promoter of the Company on preferential basis.
b. 3,25,000 (Thirty Lacs Twenty Five Thousand only) Warrants of Rs 46/- each convertible into one Equity Shares of Rs 10/- (Rs Ten only) each of at a premium of Rs 36/- (Rs Thirty Six Only) per share aggregating Rs 149.50 Lacs to the person acting in concert with the promoter Company on preferential basis with option to the subscribers to get equity shares upon exercise of option in single or more than one trench within a period of 18 months from the date of allotment of warrants.
2. Subject to approval of members to increase the authorized share capital of the Company from Rs 600.00 Lacs to Rs 1000.00 Lacs by creation of 40,00,000 new equity shares of Rs 10/- each and to make necessary amendments in the Memorandum & Articles of the Company to that effect.
3. Approval for amendment in the Articles of Association for insertion of clauses relating to authority to the Board for Issuance of warrants convertible into equity shares of the Company.
4. Approved the notice of the Extra Ordinary General Meeting to be held on March 10, 2008 for seeking necessary consent from the members as required under section 81(1A) of the Companies Act, 1956, issuance of Equity Shares and warrants on preferential basis and increase in the authorized share capital and amendment in the Memorandum & Articles to that effect.
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