Hind Rectifiers board has approved to change the name of the company to 'Hirect Limited', according to an exchange filing on Wednesday, June 10.
The revised name is subject to approval of the shareholders and Ministry of Corporate Affairs, and further amendments to
the Memorandum and Articles of Association of the equipment making firm.
The filing read, " (board) approved change of name of the Company to “Hirect Limited”, subject to approval of the shareholders and approval of the Ministry of Corporate Affairs, and consequent amendments to the Memorandum and Articles of Association of the Company, in accordance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015."
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In addtion to the change in the name of the firm, the board of directors have approved to increase auhtorised share capital of the company from Rs 10 crore to Rs 30 crore. The current share capital is divided into 5 crore equity shares for Rs 2 each. After the revision, the 30 crore share capital will be divided into 15 crore shares for Rs 2 each.
"Increase in Authorised Share Capital of the Company from the existing Authorised Share Capital of Rs.10,00,00,000 divided into 5,00,00,000 equity shares of Rs 2/- each to Rs. 30,00,00,000/- divided into 15,00,00,000 equity shares of Rs. 2/- each and Consequential Alteration in the Capital Clause of the Memorandum of Association, subject to the approval of the shareholders of the Company," it added.
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