Suave Hotels seeks EGM approval for issue of warrants

Suave Hotels Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 14, 2008, inter alia, to offer / issue, and allot not more than 65,00,000 warrants, convertible, at the option of the warrant holders within an aggregate time period of 18 months from date of allotment of the warrants into 65,00,000 equity shares of Rs 10 each at an exercise price of Rs 47.00 per equity share or at the price as determined in accordance with the relevant SEBI Guidelines, to the promoters of the company on a preferential basis, as the Board may in its absolute discretion decide, in one or more trenches and on such terms and conditions, as the board considers fit, subject to necessary provisions & approvals.

Source : Equity Bulls

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