Gangotri Textiles from Coimbatore, which is a player in men’s wear segment, plans to increase its authorised capital from Rs 10 crore to Rs 25 crore. This will be through issue of securities in the form of public offerings. According to a company official, the company plans to enter the capital market in a month’s time. The resources would be used to finance its expansion plans to enter the eastern market with its brand ‘Tibre’. The company is also planning to increase its production capacity four-fold from the present 1,000 pieces per day. Gangotri Textiles Ltd has informed BSE that the members, at the 16th annual general meeting of the company, held on September 24, 2005, have decided for the declaration of dividend at Rs 3 per share on equity shares of Rs 10 each for the year ended March 31, 2005. The board authorised the company to borrow from time to time, any sum or sums of money, with or without security and upon such terms and conditions as they may think fit, not withstanding that the monies to be borrowed together with the monies already
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| borrowed by the company (apart from temporary loans obtained from the company’s bankers in the ordinary course of business) may exceed the aggregate of the paid-up capital of the company and its free reserves that is to say, reserves not set apart for any specific purposes provided however, that the total amount so borrowed by the board of directors shall not exceed a sum of Rs 500 crore at any one time. The board has also approved stock splitting and it has been decided to split all the existing 48, 00,000 equity shares of Rs 10 each into two equity shares of Rs 5 each and by allotment of shares of face value of Rs 5 each equivalent to the holding each one of the member of the company may have, as on a date, to be notified by the board of directors in this regard. The other items considered in the annual general meeting were to issue and allot equity shares or share warrants convertible into equity shares, to any persons, whether or not such persons are shareholders of the company, at such premium as the board may decide for an aggregate sum not exceeding Rs 75crore including the premium amount. 
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