Southern Online to raise funds through QIP Issue

Southern Online Bio Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on December 29, 2007, inter alia, to transact the following items of businesses and unanimously passed the following resolutions relating Issue of shares under Qualified Institutional Placement: (QIP).

The Board has approved, subject to approval of the Shareholders at the EGM, to raise an amount up to Rs 1921.50 Lakhs by way of Qualified Institutional Placement (QIP) of equity shares to Qualified Institutional Buyers at a price not less than the price arrived at in pursuance of Chapter XIIIA of SEBI (DIP) Guidelines.

Preferential Issue: The Board has approved, subject to approval of the Shareholders at the EGM, preferential issue of 26.50 lakh warrants convertible into Equity shares to promoters and non-promoters at a price of Rs 42.70/- per share (including premium of Rs 32.70/- per share) and preferential issue of up to 24 lakh equity shares to entities / persons other than promoters / promoter group at Rs 42.70/- per share (including premium of Rs 32.70/- per share) in pursuance of Chapter XIII of SEBI (DIP) Guidelines.

The convening of the Extraordinary General Meeting of the Company on January 28, 2008 to approve: (i) The QIP up to Rs 1921.50 lakhs in pursuance of Chapter XIIIA of SEBI (DIP) Guidelines and (ii) The preferential issue of 26.50 lakh warrants convertible into equity shares to promoters and non-promoters and preferential issue of up to 24 lakh equity shares to entities / persons other than promoters / promoter group in pursuance of Chapter XIII of SEBI (DIP) Guidelines.

Approved the Draft Notice convening the EGM and Authorised to dispatch the same.

Source : Equity Bulls

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