Usher Agro to issue warrants

Usher Agro Ltd has announced that the Board of Directors of the Company at its meeting held on April 10, 2007 has decided to pass the special resolution, through Postal Ballot, to create, offer, issue and allot warrants, entitling the warrant holder(s) from time to time to apply for equity shares of the Company in one or more tranches, to promoters / promoter group / strategic investors, whether or not they are members of the Company, on preferential placement basis through offer letter and / or circular and / or information memorandum and / or private placement memorandum and / or such other documents / writings, in such manner and on such terms and conditions as may be determined by the Board in its absolute direction, provided that the aggregate number of resultant equity shares of the company to he issued against such warrants shall not exceed 40 Lakhs fully paid equity shares of the face value of Rs 10 each at a price not less than higher of the following:

1. The average of the weekly high and low of the closing prices of the Company’s shares quoted on the stock exchange during the six months preceding the ‘relevant date’; or

2. The average of the weekly high and low of the closing prices of the Company’s shares quoted on a stock exchange during the two weeks preceding the ‘relevant date’.

The ‘relevant date’ for this purpose being April 20, 2007.

Source : Equity Bulls

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