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Garware Board receives approval to give securities

By Staff
Google Oneindia News

Mumbai, Jan 30: Garware Offshore Services has approved toauthorise the Board of Directors to issue, offer and allot securitiesupto USD 25 million or its equivalent in Rupee including premium, inone or more tranches in terms of qualified institutional placement tothe qualified bidders for acquisition of offshore related assets.

The Board has granted consent to investment by foreigninstitutional investors (FIIs) including their sub-accounts in theshare capital of the company by purchase from the market under theportfolio investment scheme on repatriation basis or otherwise upto 60per cent of the paid-up share capital of the company, a release heretoday said.

It has also authorised the Board of Directors to borrow in excessof paid up share capital and free reserves (apart from the temporaryloans obtained from the companys bankers in the ordinary course ofbusiness) up to Rs 10 billion.

All this was approved by the members at the extra-ordinary generalmeeting (EGM) of the company held on Jan 24, 2007, the release added.


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