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Our Bureau

Hyderabad , May 29

The board of directors of Panyam Cements & Mineral Industries Ltd has approved a resolution to issue 2,08,334 secured rupee denominated optionally convertible debentures of Rs 1,200 each carrying a coupon rate of 10 per cent aggregating Rs 25 crore. The board has approved another resolution to issue 4,31,768 convertible warrants at a rate of Rs 401 per warrant convertible into equity share of Rs 10 each. Keeping these resolutions in view, the board has also approved a resolution to increase its authorised share capital to Rs 21.5 crore from the existing Rs 18 crore by way of altering the clauses in the Memorandum and Articles of Association. The company has informed the stock exchanges that the board has decided to convene an extraordinary general meeting of shareholders on June 24 to seek their consent for the proposals.

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