Temptation Foods to raise US$200 Million

Temptation Foods Ltd has announced that the Board of Directors of the Company at its meeting held on August 21, 2007, has taken the following decisions:

1. Issue of up to 29,25,000 Convertible Warrants to Venture Business Advisers Pvt, Ltd., (VBAPL) at the price determined as per applicable SEBI Guide lines, subject to a floor price of Rs 150/- per Equity Share.

2. Issue of 35,00,000 Equity Shares on preferential basis to persons other than the Promoters, at the price determined as per applicable SEBI Guide lines, subject to a floor price of Rs 150/- per Equity Share.

3. Issue of US$ 200 million Foreign Currency Convertible Bonds (FCCBs) / ADRs / GDRs / Preference Shares / FCNs / Equity Shares or any other financial instruments to persons other than the Promoters and / or shareholders at the price determined as per applicable SEBI Guide lines.

4. Convening of Extraordinary General Meeting (EGM) of the shareholders of the Company on September 17, 2007, for obtaining shareholders approval for the above three businesses.

Source : Equity Bulls

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