Spice Mobiles Ltd has informed that the Board of Directors of the Company at its meeting held on April 30, 2008, has taken the following decisions:
1. Recommended the increase in Authorised Share Capital of the Company from Rs 30 crores to Rs 51 crores by creating additional Equity Shares of Rs 21 crores divided into 7,00,00,000 Equity shares of Rs 3/- each, subject to approval of shareholders in the forthcoming Annual General Meeting.
2. Approved the Rights Issue of 37319000 Equity Shares of face value of Rs 3/- each in the ratio of 1:2 (i.e. 1 (One) Equity share for every 2(Two) Equity shares held as on the Record Date as may be decided and at such price per share as may be fixed by the Board of Directors of the Company, in accordance with the provisions contained in the SEBI (DIP) Guidelines relating to Rights Issue.
3. In-principal approval for preferential issue of 37319000 Equity Shares to any select group of persons including strategic investors, under Section 81(1A) of the Companies Act, 1956 on private placement basis in accordance with the Guidelines for Preferential Issues issued by SEBI and subject to approval of shareholders in the forthcoming Annual General Meeting.
1. Recommended the increase in Authorised Share Capital of the Company from Rs 30 crores to Rs 51 crores by creating additional Equity Shares of Rs 21 crores divided into 7,00,00,000 Equity shares of Rs 3/- each, subject to approval of shareholders in the forthcoming Annual General Meeting.
2. Approved the Rights Issue of 37319000 Equity Shares of face value of Rs 3/- each in the ratio of 1:2 (i.e. 1 (One) Equity share for every 2(Two) Equity shares held as on the Record Date as may be decided and at such price per share as may be fixed by the Board of Directors of the Company, in accordance with the provisions contained in the SEBI (DIP) Guidelines relating to Rights Issue.
3. In-principal approval for preferential issue of 37319000 Equity Shares to any select group of persons including strategic investors, under Section 81(1A) of the Companies Act, 1956 on private placement basis in accordance with the Guidelines for Preferential Issues issued by SEBI and subject to approval of shareholders in the forthcoming Annual General Meeting.
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