Zicom Electronic issues warrants on private placement

Zicom Electronic Security Systems Ltd has announced that the Board of Directors of the Company at its meeting held on November 23, 2007, has approved to issue on preferential / private placement basis 21,00,000 Warrants to the companies belonging to the Promoters.

The companies are Baronet Properties & Investments Pvt Ltd - 10,50,000 No of Warrants to be issued and Coronet Properties & Investments Pvt Ltd - 10,50,000 No of Warrants to be issued.

Each warrant shall carry an option / entitlement to subscribe to one equity share of the Company of Rs 10/- each on a future date (i.e. in aggregate options to subscribe to maximum of 21,00,000 equity shares) at the price which shall not be lower than the minimum price to be determined in accordance with tile SEBI Guidelines for Preferential Issues (Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000).

The above issue of Warrants, is subject to the approval of shareholders. The Board has decided to convene an Extra-Ordinary General Meeting of the Members of the Company for the above purpose on December 21, 2007.

Source : Equity Bulls

Keywords