The Hindu Business Line : Infotech Enterprises to hike authorised capital

Infotech Enterprises Ltd is set to increase its authorised share capital from Rs 18 crore to Rs 30 crore by the creation of 1.2 crore equity shares of Rs 10 each.The company has informed the BSE that its 15th annual general meeting (AGM) will be held on July 19, wherein alongside hike in capital, it would consider subdivision of the authorised share capital .

It is proposed to consider sub-division of authorised share capital of the company comprising 3 crore equity shares of Rs 10 each into 6 crore equity shares of Rs 5 each and consequential amendments in Memorandum of Association of the company.

Further, the AGM will consider capitalisation of free reserves for the purpose of issue of bonus shares of Rs 5 each, credited as fully paid shares to the holders of the existing equity shares of the company in the proportion of one equity share for every two existing equity shares held by them.

It will consider among other issues, such as appointment of Mr Sudhir Kumar Sethi and Mr P.N. Thirunarayana, as directors (as they have retired), appointment of Mr Paul Roger Adams and Mr G.V. Prasad as directors and Mr B.G.V. Krishna as Vice-President.Pricewaterhouse,Chartered ccountants, have been retained as statutory auditors of the company.The company shares ended the day at Rs 484.50 against previous close of Rs 448.85 at the NSE.