Letter Regarding Proposed Increase in Share Capital

Letter Regarding Proposed Increase in Share Capital :


Door Number and The Name of The Street,
City with ZIP Code.
Phone : 0011 - XXXXXXXX
Fax : 0011 - XXXXXXXX


To :

The Manager,
ZZZZZZ Business House,
Door Number and The Name of The Street,
City with ZIP Code.
Phone : 0011 - XXXXXXXX
Fax : 0011 - XXXXXXXX

Dear Sir,

With reference to the accompanying notice calling an Extraordinary General Meeting of the Company to consider and if thought fit to pass Resolutions to increase the capital of the company, you are informed that the company has planned a programme of expansion to play its part in achieving the production target for the steel industry set by the Government under the 7th Five Year Plan. The expansion programme will entail considerable capital expenditure, notwithstanding that a substantial part of the plant and equipment will be manufactured in India, restricting imports to such items as cannot be fabricated within the country. A part of this capital expenditure will be met from the internal resources of the company and borrowings on cash and credit facilities available from the State Bank of India on the security of debentures. As regards the balance, it is proposed to issue additional capital to the extent of $ 150,000 accordingly the authorised capital will increase from $ 500,000 to $650,000. It is also proposed, as stated above, to issue 15000 additional Ordinary Shares of $10 each at per.

It is intended to offer to the existing shareholders one share for every two already held by them : for every old share, a coupon for a half share, transferable by delivery, two to such coupons to be converted into one share.

It is proposed to call $ 50 per share on application. The remaining amount $ 50 per share will be called up later either in one lump sum or in such instalments and at such time or times as the Board of Directors may deem fit.

Yours Faithfully,




Letter Regarding Proposed Increase in Share Capital

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