Webel-Sl Energy EGM approves issue of warrants at Rs.350

Webel-Sl Energy Systems Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on April 25, 2007, inter alia, have accorded to the following:

1. Authority to the Board to offer, issue and allot in one or more tranches and upon such terms and conditions as may be deemed appropriate by the Board by way of preferential allotment upto 9,86,800 Convertible Warrants ("Warrants"), with each warrant convertible into one equity share of the Company of nominal value of Rs 10/- each at a price of Rs 350/- per share which includes a premium of Rs 340/- per share to the following persons / entities whether or not they are members of the Company, upto the no. of warrants as mentioned against their names and on such terms and conditions as the Board may, in its absolute discretion, deem appropriate and fit in the interest of the Company:

Name of the Proposed Allottees:

a. Mr. S L Agarwal (Promoter): 7,50,000 Warrants
b. Mr. Vinay Ajitsaria (Non-Promoter) : 2,36,800 Warrants
Karta of Vinay Ajitsaria (HUF)
2. Re-appointment of Mrs. S Vasanthi as a Director (Technical & Marketing).

Source : Equity Bulls

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