MUMBAI: IOL Broadband has decided to increase the authorised share capital of the company from Rs 500 million divided into 50 million equity shares of Rs 10 each to Rs 700 million divided into 70 million equity shares of Rs 10 each.

The board has agreed to issue and allot, on a preferential basis, upto 7 million equity share warrants (warrants), carrying an entitlement to subscribe to an equivalent number of equity shares of Rs 10 each at Rs 95 to Maula Trading Company, asserts an official release.

The members will increase the investment limit for Foreign Institutional Investors upto 49 per cent, including their sub- accounts (FIIs), in the shares or bonds convertible into shares of the company, by purchase or acquisition from the market under the portfolio investment scheme under FEMA, subject to necessary provisions and approvals.

An extra ordinary general meeting (EGM) of the members of the company will be held on 11 December to discuss the aforesaid matters, adds the release.