Visu International AGM approves 5% dividend, to issue warrants

Visu International Ltd has announced that the members at the 9th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the declaration of Dividend at the rate of 5% that is Re 0.50 per equity share of the face value of Rs 10/- for the year ended March 31, 2006.

Authority to the Board for offering, issuing and allotting 40,00,000 convertible warrants equivalent to 40,00,000 equity shares of Rs 10/- each to the promoters and promoters' group, on preferential basis and on the basis of issue price to be determined as per the existing SEBI (Disclosure and Investor Protection) Guidelines, 2000 and on such terms and conditions as may be decided by the Board including the terms of issue as to the price and other connected matters on such terms and conditions as may be decided and deemed appropriate by the Board, subject to necessary provisions & approvals.

Authority to the Board to issue and allot, any securities convertible into equity shares at the option of the company and / or holder of the securities representing either Equity shares or convertible securities representing either Equity shares or convertible into equity shares either in India or in the course of international offerings in one or more foreign markets, either in the form and / or name of Global Depository Receipts / FCCBs or otherwise, to Qualified Institutional Buyers (QIBs), foreign investors (Whether institutions and / or incorporated bodies and / or individuals or otherwise, and whether or not such investors are members of the Company), for (or which, upon conversion of all securities so issued or allotted, could give rise to the issue of) an aggregate number equity shares or such receipts or instruments equivalent to 50 million equity shares of Rs 10/- each including the over allotment option, if any, and / or upto an amount not exceeding US Dollars 25 million as decided by the company / underwriters, in terms of Chapter XIIIA of SEBI Disclosure and Investor Protection Guidelines, 2000, as amended, such issue and allotment to be made at such time or times, in such tranche or tranches, at such Price or Prices at a discount or premium to market price or prices, in such manner as the Board may, in its discretion think fit, in consultation with the lead manager and underwriters, and Otherwise on such terms and conditions as may be decided and deemed appropriate by the Board at the time of issue or allotment, subject to necessary provisions & approvals.

Source : Equity Bulls

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