Inter State Finance Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on April 04, 2008, inter alia, have approved the following:
1. Increase the Authorized Share Capital from Rs 8.50 Crs to Rs 30.00 Crs.
2. The Preferential Allotment of 2,50,00,000 equity shares to the persons belonging to Promoter Group and Strategic Investors.
3. Approved the issue of GDR / ADR.
Inter State Finance Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 04, 2008, inter alia, to transact the following:
1. To increase the Authorised Share Capital of the Company from Rs 8,50,00,000/- (Rupees Eight Crores Fifty Lacs only) to Rs 30,00,00,000/- (Rupees Thirty Crores only) divided into 30,00,00,000 (Thirty Crores) Equity shares of Re 1/- each by creation of 21,50,00,000 (Twenty One Crores and Fifty Lakhs) new equity shares of Re 1/- each ranking pari passu with the existing shares, save and except that any dividend, if declared in respect of the financial year in which the equity shares are allotted shall be paid pro rata from the date of allotment of the said equity shares and consequential amendments in the Memorandum of Association of the Company.
2. To create, offer, issue and allot Equity shares of the Company to promoter / promoter group, strategic Investors whether or not they are member of the Company, on preferential placement basis through offer letter and / or circular and / or information memorandum and / or private placement memorandum and such another document / writing, 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 of the Company to be issued against such preferential issues shall not exceed Rs 2,50,00,000/- (Rupees Two Crores Fifty Lakhs only) fully paid up equity shares of the face value of Re 1/- each at price as per applicable SEBI Guidelines and the provisions of the Companies Act, 1956, subject to necessary provisions & approvals.
3. To issue and allot, in the course of international offerings in one or more foreign markets, in the form and / or name of Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) or otherwise, equity shares and for any securities convertible into equity shares at the option of the Company and / or holder of the securities representing either Equity shares or convertible securities representing either Equity shares or convertible into equity shares (”Securities”) subscribed in foreign currency(ies) to foreign investors (Whether institutions and / or incorporated bodies and / or individuals or otherwise, and whether or not such investors are members of the Company), for (or which, upon conversion of all securities so issued or allotted, could give rise to the issue of) an aggregate number of equity shares or such receipts or instruments equivalent to US$ 20 Million (in one or more trenches) including the other allotment option, subject to necessary provisions & approvals.
Inter State Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 08, 2008, inter alia, has approved the following:
1. Increase of Authorised Share Capital from Rs 8,50,00,000/- (Rupees Eight Crore Fifty Lacs only) to Rs 30,00,00,000/- (Rupees Thirty Crores only) divided into 30,00,00,000/- (Thirty Crores only) Equity shares of Rs 1/? each by creation of 21,50,00,000 (Twenty One Crores Fifty Lakhs) new equity shares of Rs 1/-.
2. Preferential Allotment of Securities which shall not exceed Rs 2,50,00,000/- (Rupees Two Crores Fifty Lakhs only) fully paid up equity shares of the face value of Rs 1/- each at price as per SEBI Guidelines and the provisions of the Companies Act 1956.
3. To issue GDR/ADR Issues of US$ 20.00 Million.
4. To convene Extra-Ordinary General Meeting on April 04, 2008.