Glory Polyfilms to consider issue of securities

Glory Polyfilms Ltd has announced that the Board of Directors of the Company at its meeting held on January 12, 2008, inter alia, has decided / approved the below proposals, subject to the approval of the shareholders in the General Meeting.

The Board accorded its consent to the Company / management for finalizing the modalities to raise funds up to US $ 25 Million, for the purpose of meeting the capital expenditure, expansion and such other purposes through issue of FCCBs / GDRs / ADRs / Qualified Institutional placement under Chapter XIII (A) of SEBI DIP Guidelines, 2000.

The Board accorded its consent to the Company / management for finalizing the modalities for the issue of Warrants convertible into equity shares to the Promoter / Promoter group and others on Preferential allotment basis subject to SEBI Guidelines and applicable regulations.

To convene Extra Ordinary General Meeting of the Company.

Source : Equity Bulls

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