IOL Chemicals Board approves increase in share capital, to issue warrants

IOL Chemicals & Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on June 23, 2007, has also approved the following matters:

1. Increase in the Authorised Share Capital of the Company from Rs 20 crores to Rs 30 crores.

2. Issue of 57,00,000 warrants, carrying an option to the holder of such warrants to subscribe to one equity share of Rs 10/- to every warrant held, within 18 months from the date of allotment of the warrants at the price to be fixed as per SEBI Guidelines to the Promoters and Other Strategic Investors on the Preferential basis.

3. Convening of Extra Ordinary General Meeting (EGM) on July 23, 2007.

Source : Equity Bulls

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