Pantaloon Retail EGM approves issues of warrants

Pantaloon Retail India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on September 22, 2006, inter alia, have accorded to the following:

1. Authority to the Board to issue / offer and allot Equity shares / Convertible securities with or without detachable warrants / Fully convertible debentures / Partly convertible debentures (Securities) for an aggregate issue size not exceeding Rs 260,00,00,000/- to prospective investors whether institutions, incorporated bodies, mutual funds and / or individuals or Qualified Institutional Buyers pursuant to Chapter XIII-A of Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000 or otherwise and whether or not such investors are members, promoters, directors or their associates of the Company through public issue(s), Rights Issue(s), private placement(s), Preferential allotment or a combination thereof at such and in one or more tranches, at such price or prices, at a discount or premium to market price or prices in such manner and on such terms and conditions including type of security, rate of Interest etc., as may be decided and deemed appropriate by the Board at the time of such issue or allotment considering the prevailing market conditions and other relevant factors wherever necessary in consultation with the Lead Managers or other intermediaries, subject to necessary provisions & approvals.

2. Authority to the Board to issue and allot 12,12,480 warrants with an option to the Warrant holder(s) to acquire, for every warrant, one fully paid up equity share for Rs 10/- each at a price of Rs 1635/- per warrant aggregating to an issue price of Rs 198,24,04,800/- to the Promoters / Promoter group on a preferential allotment basis, on such terms and conditions and in such manner as the Board may think fit, subject to necessary provisions & approvals.

Source : Equity Bulls

Keywords