Aarti Industries - Outcome of Board Meeting
Aarti Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 19, 2008, inter alia, the following decision has been taken subject to the approval of the Company at its Annual General Meeting to be held on July 19, 2008.
Pursuant to the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956 (including any statutory modifications or re-enactment thereof, for the time being in force) and pursuant to the provisions of Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000, the Company shall issue not exceeding 30,25,000 convertible warrants, on preferential basis, to the Promoters, Promoter Group Companies and other persons, subject to the
shareholder’s approval, as aforesaid.
Each of the said warrants would entitle the holder(s) thereof to apply for and obtain allotment of one Equity share of Rs 5/- each thereof on a future date not exceeding 18 months from the date of allotment of warrant as per the Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investors Protection) Guidelines, 2000 at an issue price of Rs 35.65 per share. The issue price for the warrants is fixed at 10% of the issue price of the resulting shares upon conversion.
The “Relevant Date” for the purpose of determining the said issue price for the Preferential Issue of the warrants and resultant shares as aforesaid is June 19, 2008 i.e. 30 days prior to the date of the Annual General Meeting to be held on July 19, 2008 at which the said preferential issue will be considered for approval in terms of Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guideline, 2000.
Tags: Aarti Industries