| A company statement to The National Stock Exchange
(NSE) says that the issue of preferential share capital is being made
since the promoters' holding in the company got diluted after the
allotment of underlying equity shares towards global depository receipts
(GDRs).
In its meeting held on 31 January, the board agreed that the shares
would be issued to the promoters in two tranches, the statement
says.
The company is also looking to increase the aggregate foreign investment
limit to 74 per cent of the equity capital of the company. The Crest
Communication board also approved of an amendment in the Articles
of Association of the company.
Senior officials of the company were not available for comment.
In an earlier meeting on 28 January, the company's board had approved
an investment of $ 56.37 billion in the rights issue of Crest Communication
Holdings Ltd Mauritius, a wholly owned subsidiary of the Company.
This investment in 15,714 equity shares of $ 1 each will be made
at a premium of $ 357.744 per equity share.
The company has convened an extraordinary general meeting on 5
March 2004 to get its shareholders' nod for the above matters.
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