The board of IOL Netcom has approved to raise funds, whether from India or abroad, either through borrowing including external commercial borrowing or by way of issue of equity shares or any other Securities convertible into equity shares on later date including warrants / ADR / GDR / FCCB / QIP for the amount not exceeding US $ 300 million. The limit also includes any placement through qualified institution placement to qualified institution buyers for an amount not exceeding US$ 10 million.
The board has approved to issue equity shares / convertible instruments or any other securities other than warrant through a qualified institution placement to qualified institution buyers for an amount not exceeding US$ 10 million.
The board has approved to increase the authorised capital of the company from Rs 70,00,00,000 divided into 7,00,00,000 equity shares of Rs 10 each to Rs 150,00,00,000 divided into 14,90,00,000 equity shares of Rs 10 each and 1,00,000 preference share of Rs 100 each.
The board has approved to increase the borrowing power limit not exceeding Rs 10,00,00,00,000.
This was decided at the board meeting held on 12 November 2008.
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