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Mid-day Multimedia to increase authorised share capital, issue shares on preferential basis

Posted On: 2006-12-19 20:04:10

Mid-day Multimedia Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 08, 2007, inter alia, to transact the following:

1. Increase in the Authorised Share Capital of the Company of Rs 50,00,00,000 divided into 5,00,00,000 equity shares of Rs 10 each to Rs 60,00,00,000 divided into Equity Capital of Rs 55,00,00,000 consisting of 5,50,00,000 equity shares of Rs 10 each and Convertible or Non-convertible Preference Share Capital of Rs 500,00,000 divided into 50,00,000 Convertible or Non-convertible Preference shares of Rs 10 each and consequential alteration in Memorandum and Articles of Associations of the Company.

2. To offer, issue and allot following securities (equity shares and share warrants entitling to apply for equity shares or other securities convertible into or exchangeable with equity shares, convertible preference shares convertible at the option of the Company and/or at the option of the holders of the security) (Securities), on a preferential allotment basis, in such manner and on the following terms and conditions:

a. 29,27,333 equity shares at a price of Rs 60 per share to Ferari Investment & Trading Co Pvt Ltd.

b. 26,85,000 equity shares at a price of Rs 60 to Banhem Financial & Investment Consultants Ltd.

c. 8,33,333 share warrants convertible at the option of the Holder within 18 months from the date of allotment at a warrant exercise price of Rs 60/- per warrant (10% of warrant exercise price shall be payable upfront as subscription price and balance 90% shall be payable at the time of conversion of warrants into equity shares) to Ferari Investment & Trading Co Pvt Ltd.

d. 8,33,333 convertible preference shares at a price of Rs 60 to Banhem Financial & Investment Consultants Ltd, convertible alongwith the conversion of 8,33,333 share warrants to be issued to Ferari Investments and trading Co. Pvt Ltd.

3. To issue further 3,00,000 stock options in addition to 7,00,000 stock options already issued to the Trust thereby making total number of stock options to be issued under the scheme to 10,00,000. And to revise maximum number of options to be granted per employee in any level from 30,000 options to 60,000 options through the Trust, Mid-day Exports Pvt Ltd to the eligible employees of the Company and eligible employees and directors of its subsidiaries through "Employee Stock Option Scheme" (ESOS), and further issue of 8,00,000 Equity shares to the Trust in one tranch and necessary alteration in the existing clauses of Employees Stock Options Scheme, 2005, subject to necessary provisions and approvals.

Source: Equity Bulls

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