Balasore Alloys seeks EGM approval for issue of warrants

Balasore Alloys Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 21, 2008, inter alia, to create, offer, issue and / or allot Zero Coupon Convertible Warrants ("Warrants") entitling the Warrant holder(s) from time to time apply for Equity Shares of the Company in one or more tranches, or any other similar securities to Promoters / Promoter Group, whether or not they are members of the Company, on preferential placement basis through any mode in such manner and on such terms and conditions as may be determined by the Board in its absolute discretion provided that the aggregate number of resultant Equity shares of the Company to be issued against such warrants shall not exceed 70,00,000 (seventy lacs) fully paid Equity Shares of the face value of Rs 5/- each at a price which shall not be less than the average of the weekly high and low of the closing prices of the Company's shares quoted on the Stock Exchange (Bombay Stock Exchange Ltd) during the six months preceding the "Relevant Date";

or

the average of the weekly high and low of the closing prices of the Company's shares quoted on the Stock Exchange (Bombay Stock Exchange Ltd) during the two weeks preceding the "Relevant Date", whichever is higher; the "Relevant Date" for this purpose being December 22, 2007.

Source : Equity Bulls

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