- Alteration in Authorised Share Capital of the Memorandum of Association
- Sub-division (stock split) of One Equity Shares of Rs. 2/- each into 2 (Two) equity shares of Re. 1/- each
- Change of name of the Company to SEIL MICROFIN LIMITED and to take approval from Reserve Bank of India (RBI) and other concerned authority(ies).
S. E. Investments Ltd., a leading financial services company with particular stress on micro credit, has taken major decisions in its board meeting held yesterday. The Board of Directors of the company considered change its name from ‘S. E. Investments Limited’ to ‘SEIL MICROFIN Limited’ and to take steps for its implementation including filing of application with the Reserve Bank of India (RBI) and other concerned authority(ies).The company is currently in the process of filing applications with the Reserve Bank of India (RBI) and other concerned authorities regarding this.
Another major announcement emerging from this board meet was of stock split. The company’s equity share of Rs 2/- each will be split into 2 equity shares of Re 1/- each. The implementation of this is, however, subject to the approval of the company’s shareholders.
Along with these two major announcements, the company has also approved alteration in Clause V, which is Authorised Share Capital Clause of the Memorandum of Association.
Commenting on these decisions, Mr. Sunil Agarwal, Managing Director of S. E. Investments Ltd. said, “The company’s present name ‘S.E Investments’ does not highlight the company’s core expertise in microfinance. This name is creating confusion regarding the nature and operation of the company. We have to highlight the microfinance element and hence, we decided on a new name ‘SEIL MICROFIN Limited’. Moreover, the decision of stock split was taken to increase the number of our shares in the market and thereby, attract new investors. We are confident that these decisions will positively work for the company’s progress.”
About S. E. Investments Ltd.
Headquartered in Uttar Pradesh, S. E. Investments Ltd. (SEIL) is an upcoming financial services company that emphasizes on micro credit. SEIL promotes micro credit to Women and Self Help Groups (SHGs) in both urban and rural areas. By enhancing the employability and income of women, SEIL is alleviating the poverty and living conditions of people at both macro and micro levels. To fund its operations, SEIL has tied up with leading financial institutions of the country. Credit facilities are enjoyed from Punjab National bank, ICICI Bank, SIDBI, IREDA, HDFC Bank and Axis Bank.
The company has also invested in alternate energy in Karnataka and Rajasthan. It has installed 2.40 MW Enercon makes Wing Energy Generators (WEG) at Chitradurga, Karnataka. Another 0.80 MW Enercon makes WEG is set up near Jaisalmer in Rajasthan.
