Energy Development to issue warrants at Rs 200

Energy Development Company Ltd has announced that the Board of Directors of the Company at its meeting held on November 13, 2007, inter alia, has decided and approved the following:

1. Capital expenditure of approximately Rs 1,000 crores on existing and new projects of the Company by year 2010.

2. Part-financing of the capital expenditure by way of allotment of Company's securities in form of 35,00,000 warrants convertible into 35,00,000 equity shares of Rs 10/- each at a price of Rs 200/- per warrant (including a premium of Rs 190/- per warrant) on preferential basis to non promoters / promoters / promoters group of the Company.

3. Increase in authorized share capital by creation of 70,00,000 equity shares of Rs 10/ each, ranking pari passu with the existing shares.

Approved and authorized the holding of Extra-ordinary General Meeting of the Company on December 08, 2007 and approved the notice convening the meeting, for obtaining shareholders' consent to the increase in authorized capital and the aforesaid allotment of warrants.

Source : Equity Bulls

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