Rights issue

Hi,

As Listed Company, you need to follow ICDR Regulations, 2009.  Kindly note below points for procedure;

·         Conduct Board Meeting seeking approval for issue of Right shares indicating the

·         Send offer letter to the existing shareholders indicating the rights issue details

·         EGM: Pass the resolutions (Sec 81) in the EGM and seek the approval of the members

·         Amendment of Memorandum and Articles of association for increase of authorised share capital from, if any, and Filing of Form 5 & 23 to ROC within 30 days of EGM

·         Rights Issue to open

·         Receive the funds both from shareholders

·         Issue closes

·         Board Meeting: Allotment of shares

·         Ensure 90% of the issue is subscribed.

·         Unsubscribed portion is ignored and will be cancelled.

·         Inform RBI on receipt of funds from Non Resident share Holders, if any, within 30 days of allotment of shares Certificate from Company secretary indicating that the allotment and provisions of the Act are complied with, to ROC

Filing of the following of forms with ROC

Form No 5 : Increase in authorised capital duly stamped

Form No 23: For amendment to Memorandum and articles of association and rights issue

Form No 2: Allotment of shares

Regards

Jaideep Pandya

Thanks a lot...