The Hindu Business Line : Sunline to change name to Zenotech; plans capital hike

SUNLINE Technologies Ltd is set to hike the authorised capital from Rs 6 crore to Rs 16 crore and plans to change the name from Sunline Technologies Ltd to Zenotech Laboratories Ltd, subject to necessary approvals.

After the EGM held recently, the company has informed the BSE about members' approval to increase the authorised capital and other decisions that include allotment of preferential shares to Dr Jayaram Chigurupati of up to 7,50,000 share warrants.

These warrants carry an entitlement to subscribe to an equivalent number of equity shares of Rs 10 each, up to a future date not exceeding 18 months from date of such issue and at a price (including premium) of Rs 55 being above the minimum price specified as per SEBI's guidelines for preferential issue.

The company members also approved the change of company name from Sunline Technologies Ltd to Zenotech Laboratories Ltd, subject to the approval of Registrar of Companies.

The company has also approved the proposal to offer and allot up to 91,82,500 equity shares of Rs 10 each or such other number of shares of the company as may be approved by the Andhra Pradesh High Court to the shareholders of Zenotech Laboratories Pvt Ltd.

In a related resolution that would help the company to raise funds, the company is now empowered to mortgage or charge all or any of its immoveable or movable properties wherever situated, present and future as may be required by the financial institutions, banks and other lenders, provided that the total amount payable does not exceed Rs 50 crore.