The board of directors of Mid-Day Multimedia, which met on Wednesday, approved a proposal to issue and allot, on a preferential basis, 21,90,000 fully paid up equity shares of Rs 10 each for Rs 82 per share (including premium of Rs 72 per share) to T Rowe Price International Inc.
According to a release issued by the company to the Bombay Stock Exchang
e on Wednesday, the alloment will aggregate Rs 17.96 crore (Rs 179.6 million).
The meeting also approved another proposal to increase foreign direct investment limit up to 26 per cent of the paid-up capital of the company.
"An EGM has been scheduled on September 17, 2005 to obtain shareholders' approval for the above issues," the release added.