Himadri Chemicals to issue warrants to Citigroup, promoters

Himadri Chemicals & Industries Ltd has announced that the Board of Directors of the Company at its meeting held on November 09, 2007, inter alia, has decided to issue of 27,62,000 Warrants convertible into equal number of Equity Shares of face value of Rs 10/- each at a price of Rs 426/- per share (including premium of Rs 416/-per share).

The company will be issuing warrants to Promoters / Promoter Group : 23,50,000 Warrants, Citigroup Venture Capital International Growth Partnership Mauritius Ltd : 4,12,000 Warrants on preferential allotment basis, subject to the approval of the shareholders in General Meeting by way of Special Resolution as required to be passed and such other approvals, consent, sanction etc, as may be required for this purpose.

Further the Authorized Share Capital of the Company has been proposed to be increased from Rs 33,00,00,000/- to Rs 35,00,00,000/-.

An extra Ordinary General Meeting of the shareholders of the Company will be convened on December 08, 2007 for this purpose.

Source : Equity Bulls

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