Alps Industries to issue shares and warrants at Rs.65

Alps Industries Ltd has announced that the Board of Directors of the Company at its meeting held on May 08, 2007 has approved the following proposals:

1. Approval of the recommendation to shareholders for allotment of upto 20,00,000 Equity Shares and upto 40,00,000 Zero Coupon Convertible Warrants convertible into equity shares on preferential basis @ Rs 65/- per instrument (Rs 10/- towards face value and Rs 55/- towards share premium) aggregating to Rs 39.00 Crores, in favour of promoters, persons acting in concert and / or for independent entities, subject to necessary approvals from members of the Company and compliance of SEBI Guidelines. The conversion of 40.00 Lacs Zero Coupon Convertible Warrants will be done in two financial years i.e. 2007-08 and 2008-09 to comply with the 5% limit of SEBI Takeover Code.

2. Calling of Extra Ordinary General Meeting to consider the necessary approvals under the Companies Act, 1956 for preferential allotment of equity shares and Zero Coupon Convertible Warrants.

Source : Equity Bulls

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