Everonn Systems to raise funds through preferential issue

Everonn Systems India Ltd has announced that the Board of Directors of the Company at its meeting held on May 09, 2008, has approved Preferential Allotment of 12,69,219 Equity Shares and 3,62,634 Warrants convertible into Equity Shares, aggregating Rs 940 Million, to SEBI registered FIIs, subject to requisite shareholder / regulatory and other approvals.

The Board of Directors of the Company at its meeting held on May 09, 2008, has also approved Preferential Allotment of 7,00,000 Warrants convertible into Equity Shares, aggregating Rs 504 Million, to promoters / persons from promoter group, subject to requisite shareholder / regulatory and other approvals.

The aforesaid Preferential Allotment would, subject to approval of the shareholders and other regulatory authorities, be, inter alia, in compliance with the provisions of SEBI (DIP) Guidelines, 2000 for Preferential Allotment.

In this regard, the Board of Directors has also approved convening an Extra Ordinary General Meeting of the Members of the Company on June 03, 2008, inter alia, to seek and obtain the approval of the members for the Preferential Allotment of Equity Shares and Warrants.

Source : Equity Bulls

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