Fidelity to pick stake in BAG Films

BAG Films & Media Ltd has announced that the Board of Directors of the Company at its meeting held on September 25, 2007, has approved the following:

1. Preferential issue of 10,379,232 Equity Shares to FID Funds (Mauritius) Ltd which has Fidelity Funds India Focus Funds as its main shareholder which is a part of Fidelity Funds SICA V, and

2. Issue of 1,00,00,000 Warrants convertible into Equity Shares at a later date, to M/s. Anu Films & Communications Pvt Ltd, which is Promoter Group Company of the Company.

3. Increase in Authorised Capital of the company from the existing Rs 25 Crore to Rs 30 crore.

The above are subject to such regulatory or statutory approvals as may be necessary / required by the Company and further approval of shareholders in the forthcoming Extra-Ordinary General Meeting.

Source : Equity Bulls

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