Financial Daily from THE HINDU group of publications
Wednesday, Aug 31, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 31, 2005 |
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Markets
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Preferential Allotments Prajay Engineers plans to raise $75 m Our Bureau
Hyderabad , Aug. 30 PRAJAY Engineers Syndicate Ltd plans to go in for an issue of FCCB/ADR/GDR to raise $75 million. Shareholders gave their nod through a special resolution at the company's 11th annual general meeting, held on August 25. The company informed the Bombay Stock Exchange about the members' approval for increase in borrowing powers from Rs 20 crore to Rs 400 crore, also mortgage and charge for borrowing up to Rs 400 crore. The proposed preferential offer of 21 lakh warrants, convertible into 21 lakh equity shares at a face value of Rs 10 each at a price of Rs 63.50, arrived at as per Security and Exchange Board of India guidelines, was also approved by the special resolution. The meeting also approved the Audited Profit and Loss Account for the year ended March 31, 2005. It okayed a dividend at Rs 1.20 per share (12 per cent) for the financial year 2004-05. Among other decisions ratified were the re-appointment of Ms D. Hymavathi Reddy and Ms D Sharmila Reddy as Directors, Mr S.V. Rangam as auditor for one more year, appointment of Mr N. Nageshwar Rao as Director, re-appointment of Mr N. Ravinder Reddy and Mr Sumit Sen as whole-time directors for a period of five years — with effect from February 01, 2005, re-appointment of Mr D.S. Chandra Mohan Reddy as Chairman and Managing Director and Mr D. Vijay Sen Reddy, as Executive Director of the company for a period of five years with effect from August 16, 2005.
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