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Jul 06, 2013, 04.28 PM IST | Source: Moneycontrol.com

CTIL to consider acquisition of ECG Technology on July 15

CTIL: A meeting of directors will be held on July 15, to consider & approve acquisition (via intermediary entities) of a 100% shares in ECG Technology, which in turn holds 30% of shares of a US operating company in the Liner Board Paper industry, issuance of securities by way of GDRs and/ or FCCBs up to USD 300 Million for acquiring above interests

CTIL Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 15, 2013, inter alia, to consider the following.1. To consider and approve Alteration of Object Clauses of the Memorandum of Association, to enable the Company to carry on the new businesses into Paper Industry, Oil & Gas Industry and Financial Sector Industry.2. To consider and approve an acquisition (through intermediary entities) of a 100% equity shares in ECG Technology, LLC, which in turn holds 30% of the equity shares of a US operating company (the "US Operating Company") in the Liner Board Paper industry and such acquisition will also obligate the Company to make significant future investments in the US Operating Company. The foregoing investment had been previously approved on May 25, 2012 and being reconsidered by the Board as there have been certain changes in the structure of such an acquisition.3. To consider and approve issuance of securities by way of GDR’s and/ or FCCB’s up to US $ 300 Million for acquiring the above interests.4. To consider and approve making inter corporate investments, giving loans and providing guarantees up to Rs. 3,000 Crores.5. To consider to seek approval of members of CTIL through postal ballot for the above mentioned items, to approve the postal ballot notice to be sent to members of CTIL and to consider and approve all matters incidental to postal ballot process like appointment of scrutinizers of postal ballots etc.Source : BSE

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