Ruchi Soya to issue 3,53,25,000 warrants

Ruchi Soya Industries Ltd has announced that the Board of Directors of the Company at its meeting held on November 03, 2007, inter alia, has approved issue of 3,53,25,000 warrants (each warrant being convertible into one equity share of Rs 2/-) on preferential basis to (a) Promoters, their relatives and associates and (b) strategic investors in accordance with the provisions of Chapter XIII of the SEBI (Discourse & Investor Protection) Guidelines, 2000.

Further the Company has informed that, the Board at its meeting held on September 29, 2007, had fixed November 03, 2007 as the record date for sub-division of each equity share of Rs 10/- into 5 equity shares of Rs 2/ each. Before sub-division, the Company has 36478012 outstanding equity shares of Rs 10/- each, which will be converted into 18,23,90,060 equity shares of Rs 2/- each post the said record date.

The Board also approved to grant, offer and issue, subject to approval of members of the Company and other regulatory authorities, upto 54,71,000 options exercisable by the senior employees under an Employees Stock Option Scheme. Each option will he exercisable to subscribe for one equity share of Rs 2/- of the Company.

The Board has called an extra-ordinary general meeting on November 28, 2007 for taking the approval of shareholders for the issue of aforesaid warrants on preferential basis and stock options to employees.

Source : Equity Bulls

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