Phillips Carbon Board to allot warrants on preferential basis

Phillips Carbon Black Ltd has announced that the members at the General Meeting of the Company held on October 09, 2006, inter alia, have authorized the Board to issue, offer for subscription and allot to the Companies in the Promoter and Promoter Group namely Adorn Investments Ltd, Universal Industrial Fund Ltd and Off Shore India Ltd upto 30,00,000 convertible warrants ("Warrants") and to Lend Lease Company (India) Ltd. Upto 10,00,000 convertible warrants ("Warrants") on preferential basis with an option to the holder of each such warrant to apply for and be allotted one equity share of Rs 10/- of the Company for cash at Rs 66/- per share and to Meenakshi Mercantile Ltd., Anjana Projects Ltd., Silvercross Marketing Pvt Ltd. And ICICI bank Ltd. on preferential basis upto 35,00,000 equity shares of Rs 10/ each at Rs 66/- per share and on such other terms and conditions as may be decided by the board in accordance with the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, as amended, ("the Guidelines"), subject to necessary provisions & approvals.

Source : Equity Bulls

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