Prakash Industries to issue warrants to Barclays Capital Mauritius Ltd

Prakash Industries Ltd has announced that the Board of Directors of the Company at its meeting held on August 06, 2007, has approved subject to the approval of the shareholders pursuant to provisions of Section 81 (1A) and other applicable provisions of the Companies Act, 1956 and subject to the compliance of applicable SEBI Guidelines, the issue of warrants convertible into equity shares on preferential basis to Barclays Capital Mauritius Ltd or its nominees on the following terms and conditions.

- Issue upto 12135990 warrants entitling the holders of warrants to apply for and obtain allotment of one Equity Share against each warrant within a period of 18 months.

- The Board has also approved calling of an Annual General Meeting, inter alia, for seeking the approval of the members of the Company for the aforesaid preferential allotment on September 05, 2007.

- The "relevant date" for determining the issue price of the resultant equity shares shall be August 05, 2007, subject to necessary provisions and approvals.

- Price of warrants, convertible into equity shares calculated as per the above guidelines i.e. Rs 67.96 per warrant.

Source : Equity Bulls

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