Aptech Ltd has announced that the Board of Directors of the Company at its meeting held on January 27, 2010, inter alia, has approved the proposal to acquire upto 100% of the share capital of Maya Entertainment Ltd, subject to the execution of necessary definitive agreements.
Subject to approval of the shareholders of the Company in general meeting, the Board of Directors of the Company has approved the Preferential Issue of upto 22,50,000 equity shares having a face value of Rs. 10/- each (“New Shares”) subject to the guidelines prescribed under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 by the Company to certain shareholders of Maya Entertainment Ltd as a part consideration of acquisition of the shares of Maya Entertainment Ltd.
The Board approved the notice along with the explanatory statement (to be sent shortly to the shareholders) for convening an extra-ordinary general meeting of the members of the Company on February 24, 2010 to consider and approve the issue and allotment of the New Shares by way of preferential allotment to certain shareholders of Maya Entertainment Ltd.
Source: Equity Bulls