Binani Industries Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 15, 2008, inter alia, have also transacted the following:
1. Authority to the Board to create, offer issue and allot from time to time, in one or more trenches, equity shares and / or warrants entitling the holder(s) thereof to subscribe, from time to time, the equity shares of the Company or other securities convertible into or exchangeable with equity shares (”Securities”), to the promoters / promoter group entities, whether or not such persons are Members of the Company, under a preferential issue through offer letter and / or circular and / or information memorandum and / or private placement memorandum and / or such other documents / writings in such manner and on such terms and conditions as may be determined by the Board in its absolute discretion; provided that the aggregate number of equity shares / resultant equity shares of the Company to be issued against warrants shall not exceed 50,00,000 fully paid equity shares of the face value of Rs 10 each, at a price not less than Rs 253.15 (Face Value Rs 10/- and Premium of Rs 243.15 per share) which price has been calculated in accordance with the Guidelines for Preferential Issues issued by SEBI under Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 with January 16, 2008 being the Relevant Date, subject to necessary provision and approvals.
2. Approval for the payment of commission to the Directors of the Company other than Managing Director and Whole time Director’s for a period of five financial years of the Company commencing from the financial year April 01, 2008, in accordance with and upto the limits prescribed under the provisions of the Act, computed in the manner laid down in the Companies Act, 1956 from April 01, 2008 in the manner and extent as may be approved by the Chairman and / or the Board of Directors from time to time, subject to necessary provisions and approvals.