Sharyans Resources approves allotment of shares on preferential basis

Sharyans Resources Ltd has announced that the Board of Directors of the Company at its meeting held on April 04, 2007, has transacted the following business:

1. Approved the allotment, on a preferential basis of 18,40,000 equity shares to five selected persons and 5,00,000 equity shares together with 10,00,000 convertible warrants to one person in the promoter group for cash at a price of Rs 230/- per share in accordance with the terms and conditions as mentioned in the Extra Ordinary General Meeting Notice dated February 17, 2007 as well as in due compliance of the Guidelines for Preferential Issues contained in Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines 2000, as amended.

2. Allotment of 10,00,000 equity shares to Kempro Traders Pvt Ltd (part of promoter group) pursuant to the exercise of 'conversion option' of the warrants allotted to them on June 02, 2006, as also the receipt of the balance money of Rs 184.50/- per warrant in accordance with the terms and conditions mentioned in the Extra-Ordinary General Meeting Notice dated April 21, 2006 as well as in due compliance of the Guidelines for Preferential Issues contained in Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines 2000, as amended.

Further the Company has informed that, it was also decided to authorize the Directors / Company Secretary inter alia, to sign the intimation of allotment to be issue to the respective allottees.

Source : Equity Bulls

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