Heritage Foods EGM approves preferential issue

Heritage Foods India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 29, 2008, inter alia, have approved the preferential issue.

The company will issue 8,00,000 Warrants, each warrant convertible into one equity share of Rs 10/- each ranking pari-passu in all respects with the existing equity shares of the Company within a period of eighteen months from the date of the issue, to Mr. Nara Lokesh (Son of Smt. N Bhuvaneswari, Vice Chairman and Managing Director) @ Rs 315/- per warrant pursuant to Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

To Issue 10,00,000 Equity Shares of the face value of Rs 10/- each to Non-promoters i.e. M/s. Kotak India Focus Fund of M/s. Kotak Mahindra (UK) Ltd @ Rs 350/- per share pursuant to Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

Source : Equity Bulls

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