Financial Daily from THE HINDU group of publications
Thursday, Dec 15, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 15, 2005 |
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Markets
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Stocks Corporate - Overseas Borrowings Adlabs plans to raise authorised capital Our Bureau
Mumbai , Dec. 14 ADLABS Films Ltd will be seeking members' approval for a variety of measures, through a postal ballot. This includes raising the company's authorised share capital from Rs 25 crore, divided into five crore equity shares of Rs 5 each, to Rs 30 crore, divided into six crore equity shares of Rs 5 each. Other measures for approval include authority to the board to borrow up to Rs 1,000 crore. Similar authority has also been sought to tap markets abroad for up to $ 100 million. When contacted, a senior company official explained that the latter was to be seen more as an enabling provision as Adlabs had only recently tapped markets abroad with convertible bonds. Additionally, approval has been sought to alter the object clause in the company's memorandum of association and commence of all or any of the businesses specified in select sub-clauses of the memorandum of association. Simply put, this move would formally allow Adlabs to move into new business areas. According to the official, the company was looking at FM radio operations and the home video entertainment segment. The results of the postal ballot will be announced on January 12, the statement to the BSE said.
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