Kew Industries Ltd to raise funds for expansion plans

Kew Industries Ltd has announced that the Board of Directors of the Company at its meeting held on April 28, 2007, inter alia, has decided to raise funds as mentioned below which will be used for acquisition / expansion plan of the Company.

1. To issue 70 lacs NCDs of face value of Rs 40/- each and 70 lacs Detachable Convertible Warrants at a price of Rs 40/- each to a private foreign investor.

2. To issue 5 lacs NCDs of face value of Rs 40/- each and 5 lacs convertible warrants at a price of Rs 40/- each to resident equity investor on preferential basis.

3. To issue 15 lacs equity shares of Rs 10/-each at a premium of Rs 30/- each aggregating to Rs 40/- per share to resident investors on preferential basis who are not considered as promoters.

The price at which the above said Equity Shares and Warrants are proposed to be issued is more than the price arrived at in accordance with the provisions of Chapter XIII of the SEBI (Disclosure & investor Protection) Guidelines, 2000 related to allotment of shares on preferential basis.

Accordingly, it has been decided to call an Extra Ordinary General Meeting of the Company on May 25, 2007, to consider and approve the above mentioned matters.

Source : Equity Bulls

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