GEE to allot shares on preferential basis

GEE Ltd has announced that the Board of Directors of the Company at its meeting held on June 20, 2007, has resolved to allot on preferential basis:

a. 2,00,000 equity shares at a price of Rs 160 per share i.e. at a premium of Rs 150 such shares to Venkatesh Shelter Pvt Ltd.

b. 1,00,000 Convertible Equity Shares Warrants to Venkatesh Shelter Pvt Ltd to be converted into equity shares any time during 18 months from the date of issue to be converted at a prices of Rs 175 each share i.e. at a premium of Rs 165 per share.

The 'relevant date' for the purpose of calculating price is kept as June 20, 2007. The price at which preferential allotment is proposed to made is higher then the price worked out as per SEBI Regulations. The Company shall hold EGM to approve the proposal on June 21, 2007.

Source : Equity Bulls

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