Garware Marine to allot warrants

The Board of Directors of Garware Marine Industries Ltd at its meeting held on November 30, 2007, has considered and approved the issue and allot Share Warrants in accordance with SEBI (DIP) guidelines 2000 as follows:

a. 3,50,000 Warrants of Rs 10/- each issued at a price of Rs 25/- (inclusive of premium of Rs 15/- per warrant) to Promoters, which will entitle the warrant holders to convert into 3,50,000 Equity Shares of Rs 10/- each at a price of Rs 25/- per share.

b. 4,70,000 Warrants of Rs 10/- each issued at a price of Rs 25/- (inclusive of premium of Rs 15/- per warrant) to Non-Promoters, which will entitle the warrant holders to convert into 4,70,000 Equity Shares of Rs 10/- each at a price of Rs 25/- per share.

2. Shareholders consent for the above preferential allotment will be taken at the 29th Annual General Meeting of the Company scheduled on December 31, 2007.

Source : Equity Bulls

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