NCL Industries EGM approves increase in FII limit, warrants issue

NCL Industries Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on July 30, 2007, inter alia, has approved the following proposals:

1. Increase in limit for total holding of FIIs / subaccount of FIIs to 49% of the aggregate paid up share capital of the Company.

2. Issue of FCCBs and other convertible securities upto Rs 100 crore.

3. Issue of 33,33,400 Warrants to Promoters / Promoter group carrying an entitlement to subscribe to 33,33,400 Equity Shares of Rs 10/- each at a price of Rs 45/- per share (including premium of Rs 35/- per share) by conversion of one warrant into one equity share.

Source : Equity Bulls

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