Garware Board receives approval to allott securities upto USD 25 mn

Mumbai, Jan 30 (UNI) Garware Offshore Services has approved to authorise the Board of Directors to issue, offer and allot securities upto USD 25 million or its equivalent in Rupee including premium, in one or more tranches in terms of qualified institutional placement to the qualified bidders for acquisition of offshore related assets.

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

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

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

UNI