Atul Auto Board Approves Right Issue Of Shares (27-Jun-2010)
Atul Auto Ltd has informed that the Board of Directors of the Company at its meeting held on June 25, 2010, has discussed, in detail, the proposal of the issue of right shares of the Company for the purposes of strengthening further capital base of the Company as well as to retire some highcost debts.
The Board discussed and thought it fit and proper, subject to provisions of the Companies Act, 1956, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, and provisions as contained in the Listing Agreement, to issue right shares of the Company to the shareholders of the Company in the ratio of one Equity share of the Company for every four Equity shares held. The right shares shall be issued at the price of Rs. 30/- per Equity Shares comprising of face value of shares of Rs. 10/- each and a premium component of Rs. 20/- per share.
Due to this and subject to the modalities to be placed before the general meeting and subject to the provisions of The Companies act 1956 as well as SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, and provisions as contained in the Listing Agreement, as applicable to the Company, the proposed right issue shall be of 14,62,880 (Fourteen lakhs Sixty two Thousands Eight hundred and Eighty only) Equity shares of face value of Rs. 10/- each at a premium of Rs. 20/- per equity share amounting to Rs. 4,38,86,400/-(Rupees Four Crores Thirty Eight Lakhs Eighty Six Thousands and Four Hundred only). The new shares shall rank pari passu and have same voting rights as existing shares.
For easy facilitation of right issue Company has formed a committee of Board of Directors comprising of following directors to oversee right issue of the Company with authority to look after the right issue as it is not possible to arrange board meeting for every decision in respect of rights issue.
1. Shri J. J. Chadra - Chairman and Managing Director
2. Shri M. J. Patel - Joint Managing Director
3. Shri. Vijay Kedia - Director.
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