Ankit Metal - Outcome Of EGM

Ankit Metal & Power Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 01, 2008, inter alia, have passed the following businesses:

1. Authorise the Board to increase the authorised share capital of the Company from the present Rs 35 Crore to Rs 60 crore by addition of 2.5 crores equity shares of Rs 10/- each.

2. Authorise to alter by deleting the existing Clause V of the Memorandum of Association relating to share capital of the Company by substituting in its place and instead, the following as flew Clause V :

The Authorised Share capital of the Company is Rs 60,00,00,000/- (Rupees Sixty Crores) divided into 6,00,00,000 (Six Crores) Equity shares of Rs 10/ (Rupees Ten) each with power to increase and reduce the capital of the Company and to divide or sub-divide the shares in capital of the Company and to divide or sub-divide the shares in capital for the time being into several classes and to attach thereto such preferential qualified or special rights, privileges or conditions as may be determined, by or in accordance with the Article of the Company for the time being.

3. Authorise the Board to borrow from time to time all such sum of money as they may deem requisite for the purpose of the business of the Company notwithstanding that the money to be borrowed together with the money already borrowed by the Company (apart from temporary loans obtained from the Companys bankers in the ordinary course of business) exceed the, aggregate of the paid-up Capital of the Company and its free reserves, that is to say, reserve not set apart for any specific purpose, provided that the aggregate of sum so borrowed shall not exceed Rs 1000 Crores (Rupees One Thousand Crores only) at any point of time.

Ankit Metal - Outcome Of Board Meeting

Ankit Metal & Power Ltd has informed that the Board of Directors of the Company at its meeting held on January 24, 2008, inter alia, has approved and decided the following:

1. Increase in the borrowing powers of the Company to Rs 1000 crores.

2. To offer, issue and allot in one or more tranches through public or private offerings in international markets, through prospectus and / or offer letter or other permissible / requisite offer document, FCCBs, GDRs and / or ADRs convertible into Equity Shares at the option of the Company and / or holders of the Security subscribed to in Foreign Currency, by Non Resident Investors up to an aggregate amount not exceeding USD 300 million or equivalent amount in Indian or any other currency, subject to necessary provisions & approvals.

3. To issue 5200000 Warrants which are convertible into equity shares on preferential basis to the persons belonging to the Promoter group and / or strategic Investors belonging to the Non Promoter group in compliance with the Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000.

4. Increase in Authorised Share Capital of the Company from Rs 35 Crores to Rs 60 Crores and Alteration of Memorandum and Articles of Association for the same.

5. Increase in the limit of investment by Foreign Institutional Investors in the Company from 24% to 74%.

6. The Board has also considered & approved expansion of its operation with a Rs 1000 Crore plus project. This will include Palletisation plant, Mini Blast Furnaces, Mild & Alloy Steel, Structural Steel and also Captive Power Plant etc. The Company has already taken more than 100 Acres of land at its existing plant site Jorehira in West Bengal. The Company intends to enter into MOU with the state government for this investment in the West Bengal. This expansion will come into two phases, and the fund requirement will be planned accordingly.