The board of directors of PMC Fincorp will meet on March 26 to consider and pass necessary resolutions to increase foreign institutional investor (FII) investment limits. The proposal seeks to hike the permitted FII stake in the company from the existing 24 per cent to 49 per cent. The resolution will be subject to shareholder approval. Currently, FIIs own just 0.19 per cent stake in the BSE A-group company. Shares of PMC Fincorp, earlier known as Priti Mercantile Company, slumped 9.6 per cent at ₹40.35 on the BSE.
The board of Patspin India has considered a proposal for disposal of four windmills with total generating capacity of 5.8MW. The proposal is subject to approval by shareholders and lenders. The board of directors has approved the cut-off date as March 20, for determining the voting rights of shareholders entitled to participate in the postal ballot/e-voting process. Shares of Patspin India edged down 1.1 per cent at ₹7 on the NSE.
The board of directors of Garden Silk Mills approved a proposal to allot 19.56 lakh equity shares of ₹10 each at a premium of ₹25.78 a share to the promoter group for ₹7 crore. The allotment was made on conversion of 14.87 lakh 0.001 per cent optionally convertible cumulative preference shares. Post-allotment, the paid-up equity capital of the company increased to ₹42.08 crore from ₹40.13 crore. Shares of Garden Silk slipped 3.1 per cent at ₹26.50 on the BSE.