Minda Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 11, 2010, inter alia, have approved the fund raising proposal unanimously and recommended for Shareholders' approval at their Extra Ordinary General Meeting to be held on February 03, 2010.
The Board approved Preferential Allotment of 1,83,500 (One Lac Eighty Three Thousand Five Hundred), 3% Cumulative Compulsorily Convertible Preference Shares having a face value of Rs. 2187 each, to India Business Excellence Fund I (a Public Limited Life Company, established under the laws of Mauritius) and IL&FS Trust Company Ltd. (a Company established under the laws of India, acting as trustee for Business Excellence Trust – India Business Excellence Fund, a trust created under the Indian Trust Act. 1882,) acting through its Investment Manager, Motilal Oswal Private Equity Advisors Pvt. Ltd. Each Preference Share, on exercise of right of conversion, entitling the holder to apply for and be allotted ten equity shares of the Company of Rs. 10 each, fully paid up, at a premium of Rs. 208.70 per equity share.
The Board also approved Preferential Allotment of 35,00,000 (Thirty Five Lacs), 3% Cumulative Redeemable Preference Shares of Rs. 10/- each, to Mr. Nirmal K. Minda (Managing Director)and Mrs. Suman Minda, (wife of Mr. Nirmal K. Minda).
The Board approved increase in Authorized Capital from Rs. 18,00,00,000 to Rs. 61,63,14,500 and alteration of Capital Clause of the Memorandum of Association of the Company due to change of Authorised Share Capital of the Company.
and IL&FS Trust Company Ltd. (a Company established under the laws of India, acting as trustee for Business Excellence Trust – India Business Excellence Fund, a trust created under the Indian Trust Act. 1882,) acting through its Investment Manager, Motilal Oswal Private Equity Advisors Pvt. Ltd. Each Preference Share, on exercise of right of conversion, entitling the holder to apply for and be allotted ten equity shares of the Company of Rs. 10 each, fully paid up, at a premium of Rs. 208.70 per equity share.
The Board also approved Preferential Allotment of 35,00,000 (Thirty Five Lacs), 3% Cumulative Redeemable Preference Shares of Rs. 10/- each, to Mr. Nirmal K. Minda (Managing Director)and Mrs. Suman Minda, (wife of Mr. Nirmal K. Minda).
The Board approved increase in Authorized Capital from Rs. 18,00,00,000 to Rs. 61,63,14,500 and alteration of Capital Clause of the Memorandum of Association of the Company due to change of Authorised Share Capital of the Company.
Source: Equity Bulls