Uflex - Updates on result of Postal Ballot
Uflex Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have passed the following resolutions, with requisite majority:
1. Authority to the Board for investments by Foreign Institutional Investors including their sub-accounts (”the FIIs”), in the shares or convertible debentures or any instrument convertible into shares of the Company, by purchase or allotment or acquisition under the Portfolio Investment Scheme under FEMA, subject to the condition that the total holding of all FIIs put together shall not exceed 74% (seventy four percent) of the paid-up equity share capital or paid-up value of the convertible debentures of the Company as may be applicable or such other maximum limit as may be prescribed from time to time subject to necessary provisions & approvals.
2. Authority to the Board to offer, issue and allot on preferential basis upto a maximum of 49 lac equity shares having a face value of Rs 10.00 each to Tegraceen Holdings Ltd., Cyprus and upto a maximum of 49 lac equity shares having a face value of Rs 10.00 each to Vasteffect Ltd., Cyprus both aggregating upto a maximum of 98 lac equity shares having a face vale of Rs 10.00 each at a price as may be decided by the Board of Directors / Committee of Directors, but not less than the price calculated in accordance with Clause of SEBI (DIP) Guidelines for preferential issues, subject to necessary provisions & approvals.
3. Authority to the Board to offer, issue and allot on preferential basis upto a maximum of 49 lac warrants to Tegraceen Holdings Ltd., Cyprus and upto a maximum of 49 lac warrants to Vasteffect Ltd., Cyprus both aggregating upto a maximum of 98 lac warrants at a price as may be decided by the Board of Directors / Committee of Directors, but not less than the price calculated in accordance with Clause 13.1.1.1 of SEBI (DIP) Guidelines for preferential issues and the holders of the warrants shall be entitled to apply for allotment of one equity share for every warrant held on or before the expiry of eighteen months from the date of allotment of warrants in one or more tranches, which shall be deemed to form part hereof, subject to necessary provisions & approvals.
4. Authority to the Board to offer, issue and allot, at such prices and on such terms and with such attributes, rights and privileges and all other matters connected therewith or incidental thereto, as the Board of the Company may from time to time decide, to be subscribed in foreign / Indian currency through prospectus and / or offering circular / letter, equity shares of the Company (which shall rank pari-passu with the existing equity shares of the Company) (the “Shares”), any other equity related instruments and / or Global Depository Receipts / Shares (”GDRs/GDSs”) / American Depository Receipts / Shares (”ADRs/ADSs”) against the issue of underlying Shares and / or Foreign Currency Convertible Bonds (”FCCBs”) convertible into equity shares (”Securities”) by residents or foreign institutional investors including qualified institutional buyer(s) and / or such other persons resident outside India / Companies / individuals in India as may be permitted under applicable law and policy, whether or not they are members of the Company, in such form as may be decided and deemed appropriate by the Board upto a sum of USD 250 million approximately equivalent to Rs 10,000 million in one or more tranches, whether with or without an option to subscribe for additional Securities, subject to necessary provisions & approvals.
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