Ispat Industries to issue warrants

Ispat Industries Ltd has announced that the Board of Directors of the Company at its meeting held on December 22, 2007, considered and approved issue of share warrants, carrying a right to convert into Equity Shares, to the constituent(s) of the Promoter Group, on preferential basis, not exceeding 5% of the post-issue voting rights in any financial year upto 18 months from the date of allotment thereof.

The proposed issue of share warrants shall be subject to approval by the shareholders of the Company and such other consent(s) / approval(s) / permission(s) as may be required.

The holder(s) of the share warrants shall have the right to subscribe to 1 (one) Equity Share against each share warrant held by them, any time within a period of 18 months from the date of allotment of the warrants.

Source : Equity Bulls

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