IOL Netcom Ltd has informed that the Board of Directors of the Company at its meeting held on November 12, 2008, inter alia, has approved the following, subject to approval of the share holders:
1. Raising of funds, whether from India or abroad, either through Borrowing including External Commercial Borrowing or by way of issue of Equity Shares or any other Securities convertible into equity shares on later date including warrants / ADR / GDR / FCCB / QIP for the amount not exceeding US $ 300 million (Three hundred million only) pursuant to RBI Guidelines, Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 and any other applicable rules & regulations.
The limit also includes any placement through qualified Institution Placement to Qualified Institution Buyers for an amount not exceeding US $ 10 (Ten only) million pursuant to chapter XIIIA of SEBI (DIP) Guidelines, 2000.
2. Issue of Equity shares / Convertible Instruments or any other securities other than warrant through a qualified Institution Placement to Qualified Institution Buyers for an amount not exceeding US $ 10 (Ten only) million pursuant to chapter XIIIA of SEBI (DIP) Guidelines, 2000.
3. Increase the Authorised Capital of the Company from Rs 70,00,00,000 (Rupees Seventy crores only) divided into 7,00,00,000 (seven crores) equity shares of Rs 10/- (Rupees Ten only) Each to Rs 150,00,00,000 (Rupees one fifty crores only) divided into 14,90,00,000 (Fourteen crore ninety lakhs only) equity shares of Rs 10/- (Rupees Ten only) each and 1,00,000 (One lakhs only) preference share of Rs 100/- (Rupees hundred only) each.
4. To alter Memorandum of Association and Articles of Association of the Company to give effect of increase of Authorised Capital of the Company.
5. To issue of Convertible Equity Warrant to Investors pursuant to Chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.
6. To obtain approval under section 293(1)(a) of the Companies Act, 1956.
7. To increase the Borrowing Power limit not exceeding Rs 10,00,00,00,000 (Rupees one thousand crore only) pursuant to section 293(1)(d) of the Companies Act, 1956.
8. To approve the passing of aforesaid resolution through Postal Ballot.
1. Raising of funds, whether from India or abroad, either through Borrowing including External Commercial Borrowing or by way of issue of Equity Shares or any other Securities convertible into equity shares on later date including warrants / ADR / GDR / FCCB / QIP for the amount not exceeding US $ 300 million (Three hundred million only) pursuant to RBI Guidelines, Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 and any other applicable rules & regulations.
The limit also includes any placement through qualified Institution Placement to Qualified Institution Buyers for an amount not exceeding US $ 10 (Ten only) million pursuant to chapter XIIIA of SEBI (DIP) Guidelines, 2000.
2. Issue of Equity shares / Convertible Instruments or any other securities other than warrant through a qualified Institution Placement to Qualified Institution Buyers for an amount not exceeding US $ 10 (Ten only) million pursuant to chapter XIIIA of SEBI (DIP) Guidelines, 2000.
3. Increase the Authorised Capital of the Company from Rs 70,00,00,000 (Rupees Seventy crores only) divided into 7,00,00,000 (seven crores) equity shares of Rs 10/- (Rupees Ten only) Each to Rs 150,00,00,000 (Rupees one fifty crores only) divided into 14,90,00,000 (Fourteen crore ninety lakhs only) equity shares of Rs 10/- (Rupees Ten only) each and 1,00,000 (One lakhs only) preference share of Rs 100/- (Rupees hundred only) each.
4. To alter Memorandum of Association and Articles of Association of the Company to give effect of increase of Authorised Capital of the Company.
5. To issue of Convertible Equity Warrant to Investors pursuant to Chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.
6. To obtain approval under section 293(1)(a) of the Companies Act, 1956.
7. To increase the Borrowing Power limit not exceeding Rs 10,00,00,00,000 (Rupees one thousand crore only) pursuant to section 293(1)(d) of the Companies Act, 1956.
8. To approve the passing of aforesaid resolution through Postal Ballot.
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