Godawari Power and Ispat to issue 50 lakh warrants

The Board of Directors of Godawari Power and Ispat Ltd at its meeting held on May 22, 2012, have decided to issue and allot 50,00,000 equity warrants convertible into 50.00,000 equity shares of Rs. 10/- each on preferential basis to the promoters and/or promoters' group , subject to the approval of the shareholders of the Company at a price of Rs. 130/- per equity warrants or the price calculated as per the provisions of Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. 2009, whichever is higher. The holders of the said equity warrants shall have an option to convert the same into equity of the Company on or before the expiry of 18 months from the date of allotment. The allotment of the said warrants shall be made within 15 days from the date of Extra-Ordinary General Meeting (EGM), pursuant to the provisions of Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. The funds raised by preferential issue shall be used for ongoing capital expenditure of the Company and its subsidiaries.

The Board, subject to approval of shareholders in ensuing EGM approved the proposal for alterations in Articles of Association of the Company to incorporate the provisions of service of Notice, Reports, Documents and other communication in Electronic Mode to the shareholders of the Company , exercising voting though electronic mode, Postal Ballot in electronic mode, Participation in General Meeting(s) by the Members through electronic mode and participation in Boards Meetings by the Directors through electronic mode etc.

The Godawari Power and Ispat Ltd stock closed the day at Rs.112.30, down by Rs.1.65 or 1.45%. The stock hit an intraday high of Rs.117.50 and low of Rs.111.

The total traded quantity was 3995 compared to 2 week average of 6552.

Source : Equity Bulls

Keywords