Pioneer Distilleries Board proposes to issue shares on preferential basis at Rs.21

The Board of Directors of Pioneer Distilleries Ltd at its meeting held on April 06, 2007 has approved the following decisions:

1. Subject to the approval of members, the proposal to issue 5,58,000 equity shares of Rs 10/- each at a price of Rs 21/- (inclusive of a premium of Rs 11/-) on preferential basis to promoters. The preferential issue of equity shares and the share pricing are in pursuance to provisions of Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000.

2. Subject to the approval of members, the proposal to issue 5,87,000 warrants (convertible into equity shares) of Rs 10/- each at a price of Rs 21/- (inclusive of a premium of Rs 11/-) on preferential basis to promoters. The preferential issue of warrants and the pricing of warrant are in pursuance to provisions of Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000.

3. Approved the notice of the Extra Ordinary General Meeting for obtaining the consent of the members which will be held on May 05, 2007.

Source : Equity Bulls

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