Heritage Foods to raise funds through warrants, shares issue

Heritage Foods India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 28, 2007, inter alia, have approved the fund raising proposal.

The company will issue 8,00,000 Warrants, each warrant convertible into one equity share of Rs 10/- each ranking pari-passu in all respects with the existing equity shares of the Company within a period of eighteen months from the date of the issue, to Smt. N Bhuvaneswari, Vice Chairman and Managing Director @ Rs 256/- per warrant pursuant to Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

The Memorandum and Articles of Association of the Company will be altered pertaining to Authorized Share Capital i.e., presently the Authorized Share Capital is of Rs 15 crores divided into 150 lakhs equity shares of Rs 10/- each, altered to 130 lakhs equity shares of Rs 10/- each and 20 laths preference shares of Rs 10/- each.

The company will issue shares / other Securities convertible into equity shares to the extent of not exceeding 19,00,000 equity shares of Rs 10/- each on such terms and conditions as may be determined by the Board of Directors of the Company to Qualified Institutional Buyers pursuant to Chapter XIIIA of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

Source : Equity Bulls

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