Kew Industries to allot 70 lacs warrants at Rs.30

Kew Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 09, 2006, inter alia, has decided to issue 70 lacs warrants convertible into equity shares at a rate of Rs 30/- (including the premium of Rs 20/-) by way of preferential allotment. Out of which 40 lacs warrants will be issued to promoter group and balance 30 lacs warrants to be issued to others. The price arrived at is in conformity with Guidelines for preferential issue under chapter XIII of SEBI (Disclosure & investor Protection) Guidelines 2000.

Further the Company has informed that, it has decided to call an Extra Ordinary General Meeting (EGM) of the Company on November 09, 2006 to consider & approve the preferential allotment and to increase authorized capital as well as to increase the borrowing powers of the Board of Directors.

Source : Equity Bulls

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