Nitin Fire Protection Industries: Outcome of board meeting

Board at their meeting held on November 3, 2017 approved:
1. alteration of the Capital Clause of the Memorandum of Association (MoA) for increase in Authorized Share Capital of the Company;
2. sale / disposal / divestment / transfer of all or part of the shares in the Company's subsidiary, namely, Nitin Ventures FZE, U.A.E.;
3. sale / disposal / divestment / transfer of all or part of 40% shares in the Company's Associate viz. Worthington Nitin Cylinders Private Limited;
4. raising funds by issuance of securities to Qualified Institutional Buyers up to Rs. 500 Crores on QIP basis; and/or
5. raising funds by issuance of equity shares including convertible bonds / debentures / warrants / depository receipts up to Rs. 500 Crores on preferential basis;

subject to the approval of the Members by way of Postal Ballot.
Source : BSE

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