Filatex India to issue shares on preferential basis

Filatex India Ltd has announced that the Board of Directors of the Company at its meeting held on August 11, 2007, inter alia, has approved the issue of Equity Shares by way of Preferential Issue to the following persons under the non-promoter category as per SEBI Guidelines:

1. 8,41,397 Equity Shares of Rs 10 each at a price of Rs 23.77 per Equity Share to IDBI Ltd on account of conversion of loan pursuant to Negotiated Settlement of dues with IDBI Ltd (including erstwhile IDBI Bank Ltd).

2. 17,00,000 Equity Shares of Rs 10 each at a price of Rs 25 per Equity Share to Somerset India Fund.

3. 8,00,000 Equity Shares of Rs 10 each at a price of Rs 25 per Equity Share to Dufflaghur Investments Ltd.

4. 15,00,000 Equity Shares of Rs 10 each at a price of Rs 25 per Equity Share to Mr. Ashwani Khurana.

This shall however be subject to approval of Shareholders at the ensuing Annual General Meeting and such other approval(s) as may be necessary in this regard.

Source : Equity Bulls

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