Uniflex Cables approves issue of equity shares

Uniflex Cables Ltd has announced that the Board of Directors of the Company at its meeting held on October 06, 2006, inter alia, has passed the following resolutions:

1. To offer, issue and allot the following Equity Shares, Fully Convertible Debentures and Equity Warrants, on a preferential basis, to the parties given below, in one or more tranches and on such terms and conditions as may be deemed appropriate by the Board or Committee thereof, subject to the approval of Shareholders:

a. Upto 5,33,000 fully paid-up Equity Shares of a face value of Rs 10 per share at a subscription price of Rs 25/- per equity share, inclusive of premium of Rs 15/- per share, aggregating to Rs 1,33,25,000/- to Promoter / Promoter Group/s (Promoters)
b. Upto 2,67,000 fully paid-up Equity Shares of a face value of Rs 10 per share at a subscription price of Rs 25/- per equity share, inclusive of premium of Rs 15/- per share, aggregating to Rs 66,75,000/- to Brescon Corporate Advisors Ltd (Brescon), Mumbai.

c. Upto 29,50,000 Fully Convertible Debentures of Rs 25/- each aggregating to Rs 7,37,50,000 to The ADM Maculus Fund II L P (Maculus II), an entity duly organized and existing under and by virtue of the laws of the Cayman Islands, having its registered office at Grand Cayman, Cayman Islands, a fund managed by Asia Debt Management Hong Kong Ltd, an asset advisor based in Hong Kong. The entire amount of Rs 7,37,50,000 will be converted compulsorily and automatically within a period not exceeding 18 months from the date of allotment, into 29,50,000, fully paid-up equity shares of Rs 10/- each of the Company at a conversion price of Rs 25/- per equity share. The FCDs would have a coupon rate of 12% p.a., payable yearly till conversion.

d. Upto 26,67,000 Equity Warrants to Promoters, having a currency period, of not exceeding 18 months and each equity warrant providing the holder the option to subscribe to one fully paid-up Equity Share of Rs 10/- each (aggregating upto 26,67,000 Equity Shares) at an exercise price of Rs 25 /- per Equity Share. Of this, 10% would be payable at the time of allotment of the equity warrant and 90% would be payable at the time of exercise of the option by Promoters.

e. Upto 29,50,000 Equity Warrants to Maculus II, having a currency period of not exceeding 18 months and each equity warrant providing the holder the option to subscribe to one fully paid-up Equity Share of Rs 10/- each (aggregating upto 29,50,000 Equity Shares) at an exercise price of Rs 25/- per Equity Share. Of this 10% would be payable at the time of allotment of the equity warrant and 90% would be payable at the time of exercise of the option by Maculus II.

f. Upto 5,33,000 Equity Warrants to Brescon, having a currency period of not exceeding 18 months and each equity warrant providing the holder the option to subscribe to one fully paid-up Equity Share of Rs 10/- each (aggregating up to 5,33,000 Equity Shares) at an exercise price of Rs 25/- per Equity Share. Of this, 10% would be payable at the time of allotment of the equity warrant and 90% would be payable at the time of exercise of the option, by Brescon.

Source : Equity Bulls

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