Wednesday, January 03, 2007

Spicejet seeks EGM approval for preferential issue

Spicejet Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 11, 2007, inter alia, to transact the following:
1. Increase in the authorised share capital of the Company from Rs 2,500,000,000 divided into 250,000,000 equity shares of Rs 10 each to Rs 3,500,000,000 divided into 350,000,000 equity shares of Rs 10 each ranking pari-passu with the existing shares of the Company and respective changes in Memorandum of Association of the Company.
2. (a) To convert the External Commercial Borrowings already availed and outstanding from Royal Holdings Services Ltd, promoter and shareholder of the Company, upto an amount not exceeding US$ 6,000,000 into equity shares and in this regard create, offer, issue and allot upto 5,000,000 equity shares of face value of Rs 10 each of an aggregate nominal amount of Rs 50,000,000 at a price of Rs 51.36 per equity share to Royal Holdings Services Ltd, subject to necessary provisions and approvals.
(b) To create, offer, issue and allot upto 67,000,000 equity shares of face value of Rs 10 each of an aggregate nominal amount of Rs 670,000,000 at a price of Rs 51.36 per equity share, subject to necessary provisions and approvals.
03/01/07 Equity Bulls