Gremach Infrastructure Equipments & Projects Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 30, 2008, inter alia, to transact the following:
1. Audited financial results for the year ended March 31, 2008.
2. Declaration of dividend, if any.
Gremach Infrastructure Equipments & Projects Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 26, 2008, inter alia, have unanimously approved the resolution with regard to appointment of Statutory Auditor M/s S Jaykishan, Chartered Accountants in place of M/s Prodip Sarkar & Associates.
Gremach Infrastructure Equipments & Projects Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 23, 2008, inter alia, has proposed as under:
- To allot 1,50,00,000 numbers of convertible warrants of equity shares on private placement / Preferential basis to promoters, their friends, relatives, promoter group Companies and to others subject to approval of members of the Company and other laws and regulations as applicable at the price in accordance with the SEBI guidelines.
Gremach Infrastructure Equipments & Projects Ltd has informed BSE that meeting of the Board of Directors of the Company will be held on or before June 30, 2008, i.e. within the prescribed period of three months of the close of the accounting year, at which the audited financial results of the Company for the year ended March 31, 2008 will be considered by the Board.
Accordingly, the Company will furnish its audited financial results for the year ended March 31, 2008 within the aforesaid period of three months and will also arrange for publication of the said results in the prescribed manner. Hence, the Company will not publish unaudited financial results for the quarter ended March 31, 2008.
Gremach Infrastructure Equipments & Projects Ltd has informed BSE that the Company has issued and allotted Foreign Currency Convertible Bonds (”FCCBs”) with a maturity of five years and one day on February 12, 2008. The FCCBs were issued in the principal amount of US$ 50,000,000 (Fifty million only) and are convertible into ordinary shares of the Company at an initial conversion price of Rs 376.36 per share. The conversion price of the FCCBs may be adjusted in certain circumstances. The FCCBs, have a 1% coupon (payable on a semi-annual basis). The said issue was made at 15% premium to the reference price.
The Company had previously obtained the approval of its shareholders to issue FCCBs up to a value of US$ 75 million. These FCCBs will be listed on the Singapore Stock Exchange.
Standard Chartered Bank was the sole bookrunner and Atherstone Capital Markets Ltd act as a financial Advisor for this issue.