Broadcast Initiatives - Outcome of Board Meeting
Broadcast Initiatives Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 24, 2008, inter alia, has decided the following:
1. Increase the Authorised Share Capital of the Company from existing Rupees Twenty Five Crores to Rupees Thirty Crores;
2. Issue and allot on a preferential allotment basis Sixty lacs fully paid-up equity shares of Rs 10/- each at a price up to Rs 36.50 (Including Premium of Rs 26.50) per equity share to HDIL Infra Projects Pvt Ltd (HIPPL) as per SEBI Guidelines.
in accordance with SEBI and other applicable guidelines and subject the consent of the members of the Company and other requisite authorities, if any.
An Extra Ordinary General Meeting of the shareholders of the Company will be convened on July 23, 2008 for obtaining shareholders approval for abovementioned. increase in the authorised capital and the preferential issue.
Further, the board has also noted the following:
1. This proposed preferential allotment will trigger an Open Offer to be made by HDIL Infra Projects Pvt Ltd to the public shareholders to acquire a minimum of 20% of the Emerging Voting Capital i.e. 5,062,800 Equity shares of the Company for a price that will be determined as per the SEBI Guidelines.
2. The present promoter group of the Company has also entered into an agreement with “HDIL Infra Projects Pvt Ltd” and other Persons Acting in Concert (Collectively referred to as “Acquirers”) to transfer such number of shares in the Company to Acquirers subject to the requisite approvals, consents and permissions, so as to make sure that the Acquirers collectively hold 51% of the Emerging Voting Capital of the Company i.e. 1,29,10,140 Equity shares of the Company including the shares to be allotted on preferential basis, the shares to be acquired through open offer and the shares to be acquired from the present promoters.
3. Also, allotment on a preferential basis of Equity shares in Sri. Adhikari Brothers Media Ltd and Technocraft Media Pvt Ltd, will be made to the Acquirers, pursuant to which these companies will cease to be subsidiaries of Broadcast Initiatives Ltd.
Tags: Broadcast Initiatives