Selan Exploration Technology Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on May 14, 2008, inter alia, to create, offer, issue and allot upto 18,00,000 Zero Coupon Convertible Warrants at a price of Rs 165/- per warrant carrying a right to subscribe to equal number of equity shares in the Company on conversion within a period of 18 months from the date of allotment in cash aggregating to Rs 29,70,00,000 to all or any one or more combinations of members / shareholders, promoters or their relatives & associates, Directors, Person Acting in Concert, Independent Entities, (including Non-Resident Indians, Foreign Nationals, Overseas Corporate Bodies or any other categories of persons, institutions, authorities or otherwise) whether or not such investors are members of the Company, in such manner and in such number as deemed fit by the Board and on such terms and conditions including by way of issue of GDRs underlying with Equity Shares in the ratio as may be mutually agreed, as to mode of payment, security, rate of interest, conversion and other matters, rights and privileges as may be decided by the Board in its absolute discretion and in the best interest of the Company at the time of such offer, issue or allotment, on such terms as permitted by law and as deemed appropriate by the Board on preferential basis, to the following promoters / associates of promoters / Person Acting in Concert, subject to necessary provisions and approvals :
1. Name: Winton Roavic Pvt Ltd., Delhi and / or as overseas corporate which will be a subsidiary of Winton Roavic Pvt Ltd (Promoter)
- Zero Coupon convertible warrants on Preferential Basis (Maximum numbers) : 11,00,000
2. Name: Mr. Aroon Mahajan (Promoter)
- Zero Coupon convertible warrants on Preferential Basis (Maximum numbers) : 7,00,000