Spanco Tele to seek OK for capital increase

Spanco Telesystems and Solutions Ltd has informed BSE that the board of directors at its meeting held on Monday has approved the following business:

1. Decided to obtain approval of members to increase the authorised share capital from Rs 100 million to Rs 150 million and to alter the capital clauses of Memorandum and Articles of Associations of the company.

2. To obtain approval of members subject to the approval of the Registrar of Companies, in amendment to the Object Clause of the Memorandum of Association of the company by introducing new object clauses relating to business of BPO, setting and operating of call centres and other IT-enabled

services and to commence the said new activities upon approval of the Registrar of Companies.

3. To obtain the approval of the members to raise the funds not exceeding Rs 80 million by issue of further securities.

4. To obtain the approval of members for raising the borrowing limit to Rs 500 million and to create charges on the properties of the company.

BSE Code: 508976