Emmsons International cancels preferential allotment

Emmsons International Ltd has announced that the Board of Directors of the Company at its meeting held on December 28, 2007, has decided to withdraw the previous proposal passed in the Board Meeting held on October 04, 2007 for Preferential allotment of warrants to promoters / specific group of persons to be converted into Equity shares of Rs 10/- each.

To issue 8,00,000 equity warrant, convertible into 8,00,000 Equity shares within a period of 18 months from the date of allotment to the promoters / promoters Group under Section 81 (1A) of the Companies Act, the listing Agreement and the applicable SEBI Guidelines, subject, to approval of the shareholders in the Extra Ordinary General Meeting at a price not less than Rs 250/- per share (including premium of Rs 240/- per share) determined as per the SEBI (DIP) Guidelines, 2000 for Preferential Issue.

To sell / reissue and allot 7,89,100 Forfeited Equity shares to financial investors, other than promoters / promoters group subject, to the necessary approvals to be obtained from the members of the Company for the same and price not less than Rs 250/- per share (including premium of Rs 240/- per share), following the pricing norms considering the SEBI (DIP) Guidelines, 2000 and subject to the lock in provisions to be followed for the Re-issue of these shares.

To hold an Extra-ordinary General Meeting of the Shareholders of the Company on January 28, 2008.

Approved the notice for calling the Extra-Ordinary General Meeting of the Company.

Source : Equity Bulls

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