JBF Industries EGM approves issue of warrants

JBF Industries Ltd has announced that the members at the Extraordinary General Meeting (EGM) of the Company held on July 17, 2007, have approved the following:

1. To issue and allot to M/s Vaidic Resources Pvt Ltd, an investment Company owned and controlled by promoters, upto 52,00,000 warrants. Each warrant would provide the holder the option to subscribe to one Equity Share for every warrant (aggregating to up to 52,00,000 Equity Shares) at a price of Rs 122.50 per Equity Share or at the price calculated as per the prescribed SEBI guidelines whichever is higher on the relevant date. The warrants will have a currency of 18 months from the date of allotment of warrants. The warrants will be issued and allotted as prescribed by SEBI Guidelines.

2. To invest upto additional USD 50 million, in one or more subsidiary Companies, incorporated / to be incorporated outside India including JBF Global Pte Ltd, Singapore, engaged in international business and / or in any international business venture, for their investments in overs ventures, in phases.

The stock was trading at Rs.151.05, up by Rs. 4.85 or 3.32%. The stock hit an intraday high of Rs.154.40 and low of Rs.143.05. The total traded quantity was 164471 compared to 2 week average of 194156.

Source : Equity Bulls

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