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IG Petrochemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 05, 2008, inter alia, has considered and approved the following:

1. Receipt of Rs 1,16,25,000/- being 10% of the total amount of share warrants for Rs 11,62,50,000 (15,00,000 @ of Rs 77.50 per share warrant)

Accordingly the Board has allotted 15,00,000 shares warrant to Nederlandse Financierings Mattschappij Voor Ontwikkelingslanden NV (FMO) and warrant certificate is being issued to the Investor.

2. Re-appointment of Shri. J K Saboo as Executive Director with effect from April 01, 2008 for a further period of three years.

3. Change in designation of Mr. Tarun Gandhi as Nominee Director of Bank of America instead of Spinnaker Group.

4. Formation of a 100% Subsidiary Company at Jebel Ali Free Zone, Dubai, UAE, in the name of “I G Petrochemicals FZE”.

Tags: IG Petrochemicals

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