Mumbai: Steel-maker Bhushan Steel Ltd today
said its shareholders have approved the proposal to increase
the authorised share capital to Rs 125 crore from existing Rs
95 crore by way of postal ballot.
The resolution to this effect was passed with requisite
majority, Bhushan Steel informed the Bombay Stock Exchange in
a regulatory disclosure.
The company's share capital would be Rs 125 crore divided
into 8 crore equity shares of Rs 10 each and 45 lakh
preference shares of Rs 100 each, it said.
Announcing the result of the postal ballot, the chairman
said over 99.99 per cent votes were cast in favour of the
resolution.
Out of 28,378,334, 28,378,302 votes were cast in support
of the resolution while only 32 votes opposed it.
The chairman stated that the special resolutions as
mentioned in the Notice dated October 22 were duly approved by
the requisite majority.
The company has three manufacturing units in Uttar
Pradesh (Sahibabad unit), Maharashtra (Khopoli unit) and
Orissa (Meramandali unit).
The firm’s wholly-owned subsidiaries are Bhushan Steel
(Australia) Pty Ltd and Bhushan Steel Global FZE.
Shares of the company closed at Rs 1333, down 0.81 per
cent from the previous close on the BSE.
PTI
First Published: Wednesday, December 02, 2009, 23:45