Bilpower drops FCCB Issue, to raise funds through warrants issue

Bilpower Ltd has announced that the Board of Directors of the Company at its meeting held on January 07, 2008, inter alia, has dropped the FCCB Issue and decided to raise funds through issue of warrants.

Although the In-Principle approvals were obtained from BSE, NSE and other statutes, considering the guidelines issued by the Reserve Bank of India in the month of August 2007, the Board of Directors after the detailed discussion on the status of issuance of Foreign Currency Convertible Bonds (FCCB) decided to drop the issue of raising USD 15 million.

The Board of Directors to substitute its fund requirements for the various projects and also to part finance the Company's working capital requirement have decided and approved issuance of 25,00,000 convertible warrants to the Promoters and Others on preferential basis, which shall be convertible into equity shares of face value of Rs 10/- each at a conversion price of Rs 350/- within a period of 18 months, subject to approval of the shareholders and other statutory authorities, if any.

The Board of Directors have decided to call the Extra-Ordinary General Meeting on February 02, 2008.

Source : Equity Bulls

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