Archit Organosys Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 15, 2016, have considered and approved the following:
1. Raising of funds / Capital upto Rs. 30 Crores by way of issue of Equity Shares to the existing shareholders of the Company on Right basis (Right Issue).
The Board or Committee of Directors as authorized for the purpose shall determine the terms of the Rights Issue including the quantum of Issue, rights entitlement ratio, issue price, issue size, book closure or record date, entitlement, timing of the issue, etc., in consultation with the Lead Manager to the Right Issue and to decide all other matters relating to the Right Issue. Such details shall be informed and/or announced in due course as and when decided or required, as per applicable statutory provisions.
The above proposal for issue of Equity shares on Right basis shall be subject to the necessary approvals, confirmations and consents as may be necessary and in compliance with applicable law including the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and the Companies Act, 2013 and the Rules made there under as amended from time to time.
2. Increase in Authorised Share Capital of the Company from the existing Rs. 10,00,00,000/- (Rupees Ten Crores Only) to Rs. 25,00,00,000/- (Rupees Twenty Five Crores Only) and accordingly altering the Capital Clause of the Memorandum of Association of the Company.
3. Appointment of Mr. Rajendraprasad J. Shah as an Additional Director (Independent Director) on the Board of the Company with effect from July 15, 2016.
4. The Notice convening the 23rd Annual General Meeting of the Company proposed to be held on August 16, 2016.
The Board Meeting commenced at 4.30 p.m. and concluded at 5.30 p.m.
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