IG Petrochemicals seeks EGM approval for allotment of warrants

IG Petrochemicals Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 09, 2008, inter alia, to offer, issue & allot 15,00,000 Warrants to M/s. Financierings Maatschappij voor Ontwikkelingslanden NV (FMO), that are convertible into one fully paid-up equity share of the face value of Rs 10/- each for every Warrant held, within a period of 18 months from the date of allotment, at a price of Rs 77.50 per equity share at the option of the warrant holder, on such terms and conditions as given hereunder.

The exercise or conversion of the above mentioned warrants would give rise to the issue / allotment of 15,00,000 equity shares of Rs 10/- each at a premium of Rs 67.50 per equity share, ranking pari passu with the existing equity shares in all respects from the date of conversion of such warrants.

The new equity shares issued pursuant to the conversion of warrants shall be subject to Memorandum and Articles of Association of the Company.

The new equity shares issued pursuant to the conversion of warrants shall rank pari passu in all respects with the existing equity shares of the Company.

Source : Equity Bulls

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