DLF summons EGM for share split
New Delhi: Domestic major real estate developer, DLF Universal, has convened an extraordinary general meeting next week to obtain shareholder approval on issues pertaining to equity share split and a hike in authorised share capital of the company to Rs500 crore. The EGM will take place ahead of DLF's Rs10,500-crore initial public offer scheduled in June.

The company plans to sub-divide each equity share of Rs10 into five equity shares of Rs2 each, while the authorised share capital is proposed to be increased from the existing Rs40 crore to Rs500 crore by creation of 230-crore equity shares of Rs2 each. The increase of the authorised share capital would facilitate the issuance of shares to the public.

The EGM - scheduled for April 20 - would also consider the board of directors' recommendation, that every equity shareholder as on the record date be entitled to seven new equity shares as bonus shares for each existing equity share held by them, sources said.

DLF also proposes to launch an Employees Stock Option Scheme for grant of options of up to 35 lakh equity shares for employees of the company and its subsidiaries.

The company also plans to make a preferential allotment of up to 3.5-crore equity shares of Rs2 each at a price of at least Rs64 per share. The EGM notice circulated to the shareholders also seeks to "create, offer and issue to the public such number of equity shares of face value of Rs2 each not exceeding 20 crore in number as may be required for subscription for cash at such a premium per share as may be fixed and determined by the board prior to the issue... "
The company may also exercise a `green shoe option' to the extent of 15 per cent of the total issue size.
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Kamdhenu Ispat IPO oversubscribed 5.5 times
New Delhi: Kamdhenu Ispat Ltd's IPO has been oversubscribed 5.5 times. Maximum support has come from Gujarat, with 1,59,81,900 shares subscribed from the region, closely followed by Delhi (1,19,82,980 shares) and Maharashtra (52,85,720 shares), according to a company release.
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