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August 16, 2016

HGEL Board approves Bonus Issue

High Ground Enterprise Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 16, 2016 has approved the following agenda subject to the approval of shareholders at the ensuing Annual General Meeting:

1. Increase in Authorized share capital from Rs. 110,000,000/- (Rupees Eleven Crores) divided into 110,000,000 (Eleven Crore) Equity shares of Re. 1/- (One) each to Rs. 150,000,000/- (Fifteen Crore) divided into 150,000,000 (Fifteen Crores) Equity shares of Re. 1/- each ranking pari passu with the existing Shares of the Company and approved the relevant amendment of Memorandum of Association of the Company.

2. Issue Bonus Equity Shares in the ratio of 1 (One) equity shares of face value of Re.1/- (Rupee One) each fully paid up for every 10 (Ten) equity share of face value of Re. 1/- (Rupee One) each held on a record date to be finalized at a later date by the Board of Directors i.e.; in a ratio of 1:10, by capitalizing the free reserves and securities premium account.

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