Adlabs Films Ltd would take up the proposed increase in share capital to Rs 25 crore (Rs 250 million) from the existing Rs 15 crore (Rs 150 million) through prefential issue at the extra ordinary general meeting, scheduled to be held on July 26 next.
The Mumbai-based company came into limelight following the decision of the Anil Ambani-led Reliance Capital group to pick up 51 per cent stake in it through its Reliance Land Pvt Ltd.
The company informed the Bombay Stock Exchange that the EGM would consider increase in the authorised share capital from Rs 15 crore divided into 3 crore (Rs 30 million) equity shares of Rs 5 each to Rs 25 crore comprising 5 crore (Rs 50 million) equity shares of Rs 5 each.
The EGM is also supposed to authorise the board for preferential issue & allotment of equity shares, provided that the price of the equity shares so issued should not be less than Rs 175.20 (including a premium of Rs 170.20) per equity share of Rs 5 each and the aggregate amount of the issue should not exceed Rs 325 crore (Rs 3.25 billion), it said.
Consequential, the EGM would go for amendment in the Memorandum & Articles of Association of the company, it added.
