Sundaram Clayton approves proposal to offer further equity shares

Sundaram Clayton Ltd has informed BSE about the following:1. The Board of Directors, while discussing over the future strategy and fund requirements of the Company, observed that the public shareholding in the Company has to be increased to the minimum cap of 25% of total paid-up share capital of the Company, pursuant to the amendments made to the Securities Contracts Regulation Act, 1957 and in the manner specified and / or approved by the Securities and Excnange Board of India (SEBI), in accordance with the applicable Securities Laws.The board, accordingly, approved the proposal, subject to approval of the shareholders under Section 81(1A) of the Companies Act, 1956 (the Act) and such other regulatory approvals under other Securities Laws, for offering further equity shares of Rs. 5/- each to such prospective investors in order to increase the public shareholding to the extent of 25% of the total paid-up share capital of the Company.2. Further, the Board also resolved to seek the approval of shareholders, by way of a special resolution, in terms of Section 81(1A) of the Act through the process of 'Postal Ballot, in terms of the provisions of Section 192A of the Act and the rules made thereunder.Source : BSE

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