Mideast To Seek Approval For Non-Voting Shares

The company will also seek the nod of the shareholders at its AGM slated for September 20, to increase the authorised capital of from Rs 100 crore to Rs 250 crore.

Though the proportion of the preference and non-voting shares will be decided later, it is quite possible that the company opts for the non-voting shares route now that the government has proposed to permit the same.

These shares are proposed to be issued to finance the company's expansion plans to increase the fleet of bulk cargo vessels and to finance the company's ongoing capital expenditure plans.

The detailed terms and conditions of the offer and the issue price will however be determined keeping the prevailing market conditions in mind. The authorised share capital will be simultaneously sought to be increased by Rs 150 crore, from Rs 100 crore to Rs 250 crore.