BOC India to allot 3.62 Crore Shares to Linde AG

BOC India Ltd has announced that the Board of Directors of the Company at its meeting held on December 11, 2007, the Board, after considering the funding requirements of the Company of Rs 13.4 Billion, approved the proposal to issue and allot to its promoter, Linde AG and / or its wholly owned subsidiary (the "Allottee/s"), on a preferential allotment basis, up to 3,62,00,000 (Three Crores Sixty Two Lakhs) equity shares in the Company of Rs 10/- (Rupees Ten only) each, at an issue price of not less than Rs 165/- (Rupees One Hundred and Sixty Five only) which has been determined in accordance with applicable laws and guidelines.

The said 3,62,00,000 (Three Crores Sixty Two Lakhs) equity shares in the Company to be issued to the Allottee(s) on a preferential basis shall represent up to 42.45% of the total post issue paid up equity share capital of the Company on a Fully diluted basis. Post the preferential issue to the Allottee(s), the aggregate shareholding of the Promoter Group shall be up from 54.80% to up to 73.99% of the total post issue paid up equity share capital of the Company.

The Board has also authorised, subject to shareholder approval, an increase in the authorised share capital of the Company from Rs 60,00,00,000/ (Rupees Sixty Crores) to Rs 86,00,00,000/- (Rupees Eighty Six Crores only) divided into 8,60,00,000 (Eight Crores Sixty Lakhs) equity shares of Rs 10/- (Rupees Ten only) each, and consequent amendments to the Memorandum and Articles of Association of the Company.

The above proposal is subject to the satisfaction of various conditions, including obtaining necessary approvals from the shareholders and regulatory authorities, if any, prior to the actual allotment under the preferential issue. The Hoard has approved the convening of an extraordinary general meeting of the shareholders of the Company on January 05, 2008 to consider the aforesaid proposals.

Source : Equity Bulls

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