Gayatri Projects - Outcome of Board Meeting
Gayatri Projects Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 26, 2008, inter alia, has transacted the following business:
1. Approved notice for convening Extra Ordinary General meeting on March 24, 2008 to seek approval of the members for Issue and allotment of not exceeding 15,00,000 (Fifteen Lakhs only) Convertible Equity Warrants to promoters at a price of Rs 500.78/- calculated in accordance with the provisions of SEBI (Disclosure and Investor Protection) Guidelines 2000 and each warrant is convertible into one equity share of Rs 10/- each.
2. Allotted 1,04,761 Equity shares of Rs 10/- each to M/s. Copthall Mauritius Investment Ltd upon conversion of JPY 120,000,000 worth FCCBs at Rs 378.3453 per Equity Share (pre determined price).
3. Approved hiving off Investments of the Company to the extent of Rs 124.59 Crores (Equity/Quasi Equity) in BOT Road Projects to its Subsidiary Company (M/s. Gayatri Infraventures Ltd) with an intention to dilute a part to strategic investors to raise funds for further investment into BOT projects.
4. Approved of Notice under Section 192A of the Companies Act (by way of Postal Ballot to be completed on or before April 10, 2008) for alteration of Objects Clause to incorporate new objects under Other Objects Clause. The Company has appointed Mr. Y Koteswara Rao, Practicing Company Secretary as scrutinizer.
5. Authorised Share Transfer Committee with the additional powers to allot equity shares to the FCCB holders upon receipt of the conversion notice in future.
6. Approved the application to Central Government under Section 212(8) of the Companies Act, 1956 for obtaining exemption from attaching the financial statements of the Subsidiaries.
Tags: Gayatri Projects