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IOL Chemicals & Pharmaceuticals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 05, 2008, inter alia, has approved the following matters:

1. Issue of Securities to Qualified Institutional Buyers (QIBs) in accordance with the provisions of Chapter XIII A of SEBI (DIP) Guidelines, 2000 for an amount not exceeding Rs 50 crores (Rupees Fifty Crores).

2. Raising of sources through issue of securities in the international market upto United State Dollars 10 (ten) Millions.

3. Amendment in articles of association of the Company necessitated due to the buy back of shareholding from Punjab State Industrial Development Corporation Ltd, state level financial institution by the promoters of the Company.

Tags: IOL Chemicals

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