Jai Balaji - Outcome of Board Meeting
Jai Balaji Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 17, 2007, inter alia, has approved the following business:
1. Following Expansion projects which will come at its manufacturing unit located at Banskopa, Durgapur, Dist. Burdwan, in the State of West Bengal at a total cost of Rs 10,550 million
i. Project: Power Plant
Capacity: 40 MW
ii. Project: Coke Oven Plant
Capacity: 4.00 Lakh M.T. per annum
iii. Project: Pallet Plant
Capacity: 11.25 Lakh M.T. per annum
iv. Project: Tubes & Pipes
Capacity: 2.40 Lakh M.T. per annum
v. Project: Ferro Alloys
Capacity: 0.25 Lakh M.T. per annum
vi. Project: Rolling Mill
Capacity: 3.00 Lakh M.T. per annum
The entire project will be completed in phases in between September 2008 and June 2009.
2. The Appointment of Shri. Shyam Bahadur Singh as an additional Director of the Company w.e.f. December 17, 2007.
3. Calling of an Extra-Ordinary General Meeting on the January 10, 2008 to seek approval of the members of the Company for issue of :
(a) By way of preferential allotment, of 61,18,000 Zero Coupon fully Convertible Debentures of the face value of Rs 326.90 each for cash at par to Citi Venture Capital Fund and 22,41,000 Zero Coupon fully Convertible Debentures of the face value of Rs 326.90 each for cash at par to India Equity Partners Fund I, LLC.
The entire sum of Rs 326.90 shall be payable on application. The Debentures shall be compulsorily converted into equity shares within 18 months from the date of allotment thereof, at a conversion price of Rs 326.90 per equity share being a price as determined in accordance with Clause 13.1.1.1 of Chapter XIII of the SEBI (Disclosure & Investor protection) Guidelines, 2000 (”SEBI Guidelines”). The relevant date for the purpose of price fixation has been taken as December 11, 2007 (i.e. the 30th day prior to the date of EGM i.e. January 10, 2008).
b. Issue and allot, by way of preferential allotment basis 3,00,000 Warrants at a price of Rs 326.90 each to Sai Prasad Multitrade Pvt Ltd and 93,00,000 Warrants to Promoter, Promoter Group Companies, Directors and Relatives namely:
1. Name of the Proposed Allottees: Enfield Suppliers Ltd
No. of Warrants: 46,50,000
2. Name of the Proposed Allottees: Hari Management Ltd
No. of Warrants: 31,00,000
3. Name of the Proposed Allottees: Aditya Jajodia
No. of Warrants: 2,50,000
4. Name of the Proposed Allottees: Sanjiv Jajodia
No. of Warrants: 2,50,000
5. Name of the Proposed Allottees: Rajiv Jajodia
No. of Warrants: 2,50,000
6. Name of the Proposed Allottees: Aashish Jajodia
No. of Warrants: 1,00,000
7. Name of the Proposed Allottees: Rina Jajodia
No. of Warrants: 1,00,000
8. Name of the Proposed Allottees: Sangeeta Jajodia
No. of Warrants: 1,00,000
9. Name of the Proposed Allottees: Devendra Prasad Jajodia
No. of Warrants: 1,00,000
10. Name of the Proposed Allottees: Seema Jajodia
No. of Warrants: 1,00,000
11. Name of the Proposed Allottees: Kanchan Jajodia
No. of Warrants: 1,00,000
12. Name of the Proposed Allottees: Guarav Jajodia
No. of Warrants: 1,00,000
13. Name of the Proposed Allottees: Shashi Jajodia
No. of Warrants: 1,00,000
The warrant holder thereof are entitled to apply and be allotted one fully paid up Equity share of Rs 10/- for each Warrant at any time not exceeding 18 (Eighteen) months from the date of allotment of the Warrants at an exercise price of Rs 326.90 (Rupees Three hundred twenty six and paise ninety only) per equity share including a premium of Rs 316.90 (Rupees Three hundred sixteen and paise ninety only) being a price as determined in accordance with Clause 13 of Chapter XIII of the SEBI (Disclosure & Investor protection) Guidelines, 2000 (”SEBI Guidelines”) issued by SEBI, such that the total number of equity shares to be issued by the Company upon conversion of the Warrants do not exceed 96,00,000 Equity Shares of the face value of Rs 10/- each.