Alok Industries approves issue of shares to promoters

Alok Industries Ltd has announced that the Board of Directors, inter alia, has accorded their consent to issue, subject to the approval of members of the company through postal ballot upto 13,75,000 equity shares of face value Rs 10/- each of the Company at a premium of Rs 92/- per share to the promoters / promoter group of the company on preferential basis on or before February 26, 2008.

Upto 2,00,00,000 warrants to the promoters / promoter group of the company, each warrant entitling the holders thereof to apply for and be allotted one equity share of the company on payment of the exercise price of Rs 102/- per share (including premium of Rs 92/- per share), in two stages namely upto 1,00,00,000 warrants to be converted into equity shares on or before March 31, 2009 and upto 1,00,00,000 warrants to be convened into equity shares on or before July 31, 2009, in accordance with the SEBI Guidelines on Preferential Issues.

Further the Company has also informed that the Board has also decided to obtain members approval for the captioned preferential allotment through postal ballot.

Source : Equity Bulls

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