Simplex Realty to raise funds through QIP issue

Simplex Realty Ltd has announced that the Board of Directors of the Company at its meeting held on April 05, 2007, has resolved the following:

1. To amend the Articles of Associations to enable the Company to issue securities / warrants / units / any other convertible instrument.

2. To make a Preferential Allotment of 26,00,000 warrants to promoters, such warrants to be convertible to equity shares in a ratio of one equity share per warrant, within 18 months from date of allotment at a price of Rs 203/- per share determined under SEBI Guidelines for Preferential Issue.

3. To make a Preferential Allotment of Equity Shares of 25,00,000 on private placement basis to QIBs under QIP, at a price to be determined under SEBI Guidelines, shares to be allotted within 12 months from date of passing of the Special Resolution in the EOGM.

4. Convene EOGM of the Company on May 05, 2007, for seeking member's approval for the above resolution.

Source : Equity Bulls

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