Kemrock Industries - Outcome of Board Meeting
Kemrock Industries & Exports Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 07, 2008, inter alia, has considered and approved the following:
1. Issue of Equity Shares on Preferential Basis:
To offer, issue and allot upto 4,60,000 Equity Shares at a minimum price as per SEBI (DIP) Guidelines, Chapter XIII, but not more than Rs 650/- per share, aggregating upto Rs 29,90,00,000/- (at a maximum price of Rs 650/- per share) on preferential allotment basis to an eligible foreign entity named in the resolution.
2. Issue of Warrants on Preferential Basis:
To offer, issue and allot upto 3,93,000 Warrants carrying two parts (2,22,000 Warrants in Part-A and 1,71,000 Warrants in Part-B), and each warrant of the said two parts shall carry a right, entitling the holder thereof to apply for and obtain one Equity Share of Rs 10/- each for cash at a premium not exceeding Rs 640/- per share i.e., at the price falling within the minimum price per share as per SEBI (DIP) Guidelines, Chapter XIII, but not more than Rs 650/- per share and aggregating upto Rs 25,54,50,000/- (at a maximum price of Rs 650/- per share) to an eligible foreign entity named in the resolution.
Against Part A of the said Warrants, the registered owner of the Warrants shall be entitled to apply for, at its option, and seek allotment of one Equity Share of Rs 10/- each, in the manner aforesaid after March, 31, 2008 but on or before March, 31, 2009; whereas, against Part B of the said Warrants, the registered owner of the Warrants shall be entitled to apply for, at its option, and seek allotment of one Equity Share of Rs 10/- each, in the manner aforesaid after March, 31, 2009 but within the period of 18 months (being the term of the Warrants) from the date of issue of the Warrants.
The other terms and conditions of the Warrants shall be in compliance with SEBI (DIP) Guidelines 2000 (Chapter XIII) and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, as applicable.
3. Notice convening Extraordinary General Meeting (EGM) of the Company on April, 04, 2008.
The above decisions are subject to approval of the shareholders of the Company to be obtained at the ensuring EGM of the Company. Further the said decisions are also subject to the approval / consent / permission, if any, of other appropriate authorities like Stock Exchange(s), SEBI, Central Govt., etc.
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