Nagarjuna Construction seeks EGM approval for stake sale to Blackstone Group

Nagarjuna Construction Company Ltd has announced that an Extraordinary General Meeting (EGM) of the members of the Company will be held on September 24, 2007, inter alia, to transact the following:

1. To create, offer, issue and allot upto 20246900 Equity Shares of Rs 2/- each at a premium of Rs 200.50 per share aggregating to Rs 409,99,97,250 to M/s. Blackstone GPV Capital Partners Mauritius V-A Ltd & M/s. Blackstone FP Capital Partners (Mauritius) V FII Ltd on such further terms and conditions specified in the SEBI (Disclosure and Investor Protection) Guidelines 2000, on a preferential allotment basis, on such tens and conditions and in such manner as the Board may think fit, without offering the same to any persons who at the date of offer are holders of equity shares of the Company, subject to necessary approvals & provisions.

2. To create, offer, issue and allot upto 9,111,111 warrants of Rs 225/- each ("Warrants") to M/s. Blackstone GPV Capital Partners (Mauritius) V-H Ltd on preferential allotment basis, in one or more tranches on such terms and conditions and in such manner as the Board may think fit; each Warrant entitling the holder thereof to apply for and be allotted one equity share of Rs 2/- each at a premium of Rs 223/- per share aggregating to Rs 2049999975 and which conversion shall be made within a period not exceeding 18 months from the date of allotment of the Warrants in accordance with the SEBI (Disclosure & Investor Protection) Guidelines, 2000 and other applicable guidelines, subject to necessary approvals & provisions.

3. To enhance the number of Directors comprising the Board of Directors of the Company from existing 15 to 18 Directors and Amendment of the Articles of Association of the Company.

The stock closed the day at Rs.213.55, up by Rs.0.10 or 0.05%. The stock hit an intraday high of Rs.216.50 and low of Rs.210.50. The total traded quantity was 315099 compared to 2 week average of 331866.

Source : Equity Bulls

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