Marsons to issue warrants

Marsons Ltd has announced that that the Board of Directors of the Company at its meeting held July 28, 2007, inter-alia, has taken the following decisions:

1. The Board decided to issue 30,00,000 Equity Shares Warrants - Series "A" and 30,00,000 Equity Shares Warrants - Series "B' of Rs 2/- each at an exercise price of Rs 4.20 each on Preferential Basis to M/s. Marson's Transformers Ltd, one of its group Company under the promoter category.

2. The Board also decided to convene and conduct an Extra Ordinary General Meeting of the members of the Company on August 25, 2007.

3. 25,00,000 Equity Shares proposed to be issued to Mr. Gyan Chand Kotia, Chairman and Promoter of the Company on Preferential Basis has been cancelled due to the fact that the existing share held by him cannot be put under lock-in as these shares are pledged with the bank and without putting the existing shares under lock-in, the shares can not be issued and allotted to him, as per, the Preference Issue Guidelines.

Source : Equity Bulls

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