Usha Beltron Ltd proposes to increase its authorised share capital from Rs 75 crore to Rs 100 crore by issuing preference shares. It will seek shareholders' approval at its annual general meeting scheduled for July 28, 1999, at Ranchi, to increase its preference share capital to Rs 50 crore from the existing Rs 25 crore.
The company proposes to issue cumulative redeemable preference shares for an aggregate value not exceeding Rs 50 crore, mainly to raise funds for financing normal capital expenditure and to augment long-term resources for working capital. <
