SARANG CHEMICALS LTD - Board approves Rights Issue

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Sarang Chemicals Ltd - Board approves Rights Issue

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26 Apr 2011
Sarang Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 26, 2011, inter alia, has passed the following resolutions :<br/><br/>1. Appointed Mr. Kamlesh M. Siddhapura, as an additional director of the Company.<br/><br/>2. Approved Resignation of Mr. Deenkar B. Shrimali and Mr. Suresh V. Mavani as Director of the Company.<br/><br/>3. To increase authorised Share Capital of the Company from the existing authorised share capital of Rs. 52,50,00,000 (Rupees Fifty Two Crores Fifty Lakhs only) to Rs. 80,00,00,000 (rupees Eighty Crores only), subject to consent of Shareholders of the Company.<br/><br/>4. To raise funds by offering, issuing and allotting equity shares on right basis in ratio of 1:3 at the face value of equity shares of the Company, subject to the consent of members of the Company.<br/><br/>5. To raise funds to the tune of Rs. 10 Crores (Rupees Ten Crores only) by offering, issuing and allotting 10 Crores (Ten Cores only) Convertible Warrants on Preferential basis to promoters and others as decided by the Board, subject to consent of Members of the Company.<br/><br/>6. To alter the main object clause of Memorandum of Association of the Company by inserting of object relating to Trading of various items, to carry on mining activities.<br/><br/>7. To convene the 22nd Annual General Meeting of the Shareholders of the Company on June 01, 2011.<br/><br/>8. Approved the draft notice of Postal Ballot for passing of resolution for alteration of main object clause of Memorandum of Association of the Company.
View all announcements for Sarang Chemicals Ltd	Source: BSE India

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