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Ashirwad Steels & Industries to increase authorised capital

The board of Ashirwad Steels & Industries has approved to increase the authorised capital of the company from Rs 8,00,00,000 divided into 80,00,000 equity shares of Rs 10 each to Rs 12,50,00,000 divided into 1,25,00,000 equity shares of Rs 10 each.

The board has decided to issue upto 45,00,000 equity dhares on a preferential basis to the loan creditors belonging to the non promoter group at a price of Rs 40 each.

The board has decided to borrow money from time to time any loans with a maximum limit of Rs 100 above the aggregate of the paid-up capital and its free reserves.

The board has decided to convene extra ordinary general meeting on 29 May 2009.

This was decided at the board meeting held on 29 April 2009.

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