Visaka Industries Board approves issue of shares

Visaka Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 04, 2006, has approved issue of upto 40,00,000 Equity Shares / Fully Convertible Debentures / any securities (other than warrants) {with permissible GreenShoe Option, if any) to Qualified Institutional Buyers. The issue shall be at a price which is not less than the price arrived in accordance with the Guidelines for Qualified Institutions Placement contained in Chapter XIII A of the SEBI (DIP) Guidelines, 2000.

Further the Company informed that, the Board has proposed to convene an Extra-Ordinary General Meeting of the Company, on October 30, 2006, to pass the following resolution, subject to the approval of the members of the Company,

- To create, offer, issue and allot equity shares/fully convertible debentures / any securities (other than warrants) (with permissible Green Shoe Option, if any) of the face value of Rs 10 each, of an aggregate number not exceeding 40,00,000 equity shares of Rs 10 each out of the authorized share capital of the Company to Qualified Institutional Buyers in the manner and, on the terms and conditions as the Board may in its absolute discretion decide and the shares he issued at a price which is not less than the price in accordance with the Guidelines for Qualified Institutions Placement contained in Chapter XIIIA of the SEBI (Disclosure and Investor Protection) Guidelines 2000, subject to necessary provisions & approvals.

Source : Equity Bulls

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