V Guard Industries - Outcome of Board Meeting
V Guard Industries Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on June 04, 2008, has discussed and considered the proposal of change in the one of the objects mentioned in the Prospectus dated February 29, 2008 issued by the Company in relation to the Initial Public Offer of the Company.
The Company had earmarked an amount of Rs 9.04 Crores, out of the IPO proceeds of the Company for setting up of an enamelling plant at Coimbatore for production of enameled copper wire. It now proposed to withdraw the said project and deploy the fund set aside for the same for the “General Corporate Purposes” of the Company which is also one of the Objects mentioned in the Offer Document of the Company. The said proposal is subject to the approval of the shareholders of the Company at the ensuing Annual General Meeting.
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