The Hindu Business Line : Geodesic okays extension of FII investment limit

THE board of directors of Geodesic Information Systems Ltd has decided to extend the limit of FII investment in the company from 24 per cent to the sectoral cap of 100 per cent of paid-up capital or paid-up value of each series of convertible instruments in accordance with law.

At the board meeting held here on Monday, the company's directors passed a resolution recommending the members to consider and approve the issue of 3,72,500 equity shares with a face value of Rs 10 each at Rs 325 per share, under preferential allotment basis subject to procedures laid down under the Securities and Exchange Board of India guidelines to various FIIs who placed letter of interest with the company.

According to the company's notification to SEBI, the board would also reclassify/reorganise its authorised share capital by constituting 20,00,000 preference shares of Rs 10 aggregating Rs 2 crore.

The authorised capital would be divided into Rs 15 crore as equity shares and Rs 5 crore as preference shares.In this regard, an EGM of the members of the company is slated for January 30, to take consent of the members on the above matter.

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