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Tata Metaliks Ltd board on Thursday avoided seeking shareholders' approval for its proposed preferential issue of share to the extent of Rs 100 crore. Instead it opted for postal ballot route.
The company informed stock exchanges that the board decided to conduct postal ballot seeking approval of members for the purpose. The board authorised the Managing Director and/or the Company Secretary to conduct postal ballot, appointed scrutinisers for and “decided that February 17, 2012 as the date of entitlement for voting on the resolutions to be passed by way of postal ballot.”
Tata Metaliks had earlier said that the board was to “consider further issue of shares on preferential basis and to consider convening of an extraordinary general meeting of the members of the company.”
The board also approved increase and alteration of share capital from present Rs 100 crore to Rs 150 crore.
The pig iron producer in September last year sold off its largest manufacturing unit in Maharashtra for 180 crore. According to the management, the sale proceeds were to be utilised for strategic investment and cleaning of its balance sheet.
During the 9 months to December 31, 2011, the company reported a net loss of Rs 11.08 crore. It had registered a net profit of Rs 22.95 crore during the FY 2011.
The Tata Metalicks stock on the BSE gained 2.18 per cent to close at Rs 75.
> jayanta_mallick@thehindu.co.in
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